Equity turnover dips by 12.9% as market capitalisation rises to ₦75.96trn in one week
By Seun Ibiyemi
Investors on the Nigerian Exchange (NGX) traded a total of 3.903 billion shares valued at ₦102.221 billion in 114,484 transactions this week, representing a 12.9 per cent drop in the value of transactions compared to last week’s 3.566 billion shares worth ₦115.403 billion exchanged in 99,960 deals.
Despite the decline in trade value, the NGX All-Share Index and Market Capitalisation posted gains, appreciating by 1.57 per cent and 1.92 per cent respectively to close the week at 119,995.76 points and ₦75.962 trillion.
All sectoral indices closed in positive territory, except for the NGX Oil and Gas Index, which dropped by 2.23 per cent.
The Financial Services Industry led the activity chart, contributing 52.02 per cent and 41.02 per cent to the total equity turnover volume and value, respectively, with 2.030 billion shares worth ₦41.934 billion traded in 42,959 deals.
The Services Industry followed with 396.590 million shares worth ₦4.596 billion, while the Agriculture Industry came third with 385.704 million shares valued at ₦14.469 billion.
Top traded equities included Fidelity Bank Plc, Access Holdings Plc, and Zenith Bank Plc, which collectively accounted for 864.681 million shares worth ₦25.955 billion in 15,136 transactions.
This represented 22.16 per cent of total volume and 25.39 per cent of total value for the week.
Market breadth showed improved investor sentiment, with 78 equities gaining value, compared to 55 in the previous week.
Meanwhile, 27 equities declined, down from 42 last week, while 43 equities remained unchanged.
Top gainers for the week were Neimeth International Pharmaceutical (+60.54 per cent), Ellah Lakes (+31.33 per cent), International Breweries (+26.36 per cent), CWG Plc (+25 per cent), and Champion Breweries (+21.95 per cent).
On the losing end, Multiverse Mining (-9.33 per cent), Associated Bus Company (-9.26 per cent), Oando (-7.38 per cent), BUA Foods (-6.46 per cent), and DAAR Communications (-6.15 per cent) topped the decliners’ list.
Analysts suggest that while the dip in traded value may indicate caution among investors, the overall positive performance of indices and breadth of gainers point to sustained bullish sentiment in the market.