Nigeria’s stock market recorded stronger trading activity last week as investors exchanged shares worth N154.39bn billion, even as the benchmark equity index declined by 1.21 per cent amid sustained profit-taking across major counters.
Data released by the Nigerian Exchange Limited (NGX) showed that investors traded a total of 3.821 billion shares valued at N154.39bn in 258,567 deals, representing an improvement over the previous week’s turnover of 2.324 billion shares worth N134.49bn executed in 249,328 deals.
Despite the higher trading volume and value, the NGX All-Share Index (ASI) and overall market capitalisation both fell by 1.21 per cent, with the benchmark index closing the week at 229,240.34 points, while market capitalisation settled at N147.103tn.
The performance reflected cautious investor sentiment and profit-taking activities after recent gains recorded in the equities market.
Sectoral performance remained largely bearish during the week, as virtually all NGX sectoral indices closed in negative territory. The NGX Main Board Index was the only gainer, appreciating by 2.27 per cent, while other indices ended lower.
Analysis of market activity showed that the Financial Services sector maintained its dominance in trading, accounting for the largest share of transactions during the review period.
The sector recorded a turnover of 2.330 billion shares valued at ₦54.606 billion in 108,978 deals, contributing 60.99 per cent of the total equity volume traded and 35.37 per cent of the market’s total value.
The Services sector ranked second, with investors exchanging 509.473 million shares worth N16.35bb in 16,527 deals, while the Consumer Goods sector occupied third position after posting a turnover of 216.344 million shares valued at N8.06bn in 25,963 deals.
The week’s trading activity was driven largely by Sterling Financial Holdings Company Plc, Access Holdings Plc, and Ikeja Hotel Plc, which emerged as the three most actively traded stocks by volume.
Collectively, the three equities accounted for 1.405 billion shares valued at N28.370bn in 12,898 deals, representing 36.78 per cent of the total trading volume and 18.37 per cent of the total value traded during the week.
Market breadth remained unchanged from the previous week, reflecting a balanced but cautious trading environment.
A total of 22 listed equities recorded price appreciation, the same number as in the preceding week, while 57 stocks declined in value, also unchanged from the previous week.
Meanwhile, 67 equities closed flat, maintaining the same level recorded a week earlier.
Market analysts said the increase in trading activity despite the decline in the benchmark index suggests that investors remained active in repositioning their portfolios, with transactions concentrated in banking and other fundamentally strong stocks as the market continues to respond to earnings expectations and broader macroeconomic developments.
(The Whistler)
