By Seun Ibiyemi
The Nigerian stock market posted a positive overall performance this week, with the NGX All-Share Index (ASI) and Market Capitalisation both appreciating by 2.37%, ultimately closing at 146,988.04 points and N93.296 trillion, respectively, despite a noticeable slowdown in trading activity.
Investors exchanged 2.286 billion shares valued at N90.280 billion across 138,177 deals, marking a significant decline when compared to the 8.403 billion shares worth N115.501 billion traded in the previous week; this represents a 27.9% drop in total transaction value, according to the Nigerian Exchange Limited (NGX) weekly report.
The Financial Services Industry maintained its position as the dominant sector, contributing significantly to market activity with 1.355 billion shares valued at N24.588 billion traded in 59,553 deals, which accounted for 59.28% of the total equity turnover volume.
The ICT Industry followed with 182.822 million shares, and the Agriculture Industry was the third most active with 181.501 million shares traded. The top three most traded equities; Ellah Lakes Plc, Chams Holding Company Plc, and Fidelity Bank Plc accounted for 430.968 million shares, representing 18.86% of the total equity turnover volume.
While the broad market indices closed higher, indicating overall growth, a few sectoral indices faced headwinds: the NGX Banking, NGX ASeM, and NGX AFR Bank Value Indices experienced declines of 0.41%, 9.44%, and 1.00% respectively. Market sentiment was generally positive, though slightly less concentrated than the prior week, as 51 equities appreciated in price, compared to 53 in the previous period, while 41 stocks declined.
The week’s top gainers included Sovereign Trust Insurance, Omatek Ventures, AXA Mansard Insurance, Chams Holding Company, and Eunisell Interlinked, which saw respective share price gains of 46k, 15k, N1.70, 45k, and N4.50.
Conversely, the biggest losers were LivingTrust Mortgage Bank, Neimeth International Pharmaceuticals, UH Real Estate Investment, Meyer Plc, and Juli Plc.