The Nigerian Exchange Limited (NGX) saw an impressive surge in market activity, with investors trading 2.645 billion shares worth N77 billion last week. This marks a notable increase compared to the previous week’s turnover of 2.200 billion shares valued at N75.4 billion. The trading activity coincided with a bullish market sentiment, pushing the market capitalization up by N1.69 trillion, settling at N68.339 trillion, up from N66.647 trillion. The All-Share Index rose to 108,733.40 points, reflecting strong investor confidence across various sectors.
The Financial Services sector led the market in both volume and value, trading 1.638 billion shares valued at N45.825 billion, representing 61.90% of the total volume and 59.51% of the total value. The Services sector followed with 364.653 million shares worth N2.909 billion, while the Consumer Goods sector contributed 190.221 million shares valued at N6.771 billion. These trends reflect ongoing investor interest in these core sectors of the economy.
Guaranty Trust Holding Company Plc, Access Holdings Plc, and Tantalizer Plc were the most traded stocks by volume, collectively accounting for 839.689 million shares valued at N27.737 billion. Together, these stocks made up a significant portion of total market turnover. Despite this, the broader market saw positive momentum, with 68 equities appreciating in price, surpassing the 52 gainers from the previous week. Multiverse Mining and Exploration Plc led the gainers, rising by 57.48%, while Academy Press Plc and Beta Glass Plc also posted strong increases.
On the other hand, 28 equities recorded price declines, with Abbey Mortgage Bank Plc seeing the largest drop of 15.66%. Meyer Plc, Veritas Kapital Assurance Plc, VFD Group Plc, and Transcorp Power Plc also experienced losses. These declines, however, were less severe than in the prior week, highlighting the overall positive sentiment in the market despite some setbacks.
The NGX took regulatory action by suspending trading in Golden Guinea Breweries Plc due to the company’s failure to submit its unaudited financial statements for the period ending December 31, 2024. This suspension is in line with the NGX’s rules concerning non-compliance. Despite this, the market remains strong, reflecting increased investor confidence, particularly in sectors like Financial Services, which continues to attract significant liquidity. The positive market trajectory suggests that investors remain optimistic about the local economy, particularly with rising interest in sustainable investing and corporate transparency.
Source: Punch