The Nigerian Exchange Limited (NGX) recorded a sharp slowdown in trading activity last week, with total market turnover falling 16.4 percent to N130.15 billion as investors traded cautiously across the equities market. According to NGX data, 3.64 billion shares changed hands in 244,777 deals, compared with 4.36 billion shares worth N210.33 billion traded in 223,284 deals in the previous week.
The decline in NGX market turnover was accompanied by weaker overall market performance. The NGX All-Share Index, which tracks the performance of listed equities, dropped 1.6 percent to close at 243,052.74 points, while total market capitalisation fell 1.24 percent to N157.58 trillion. The figures point to a more subdued week for investors as buying activity weakened and several stocks came under pressure.
Financial services remained the dominant force on the exchange, accounting for 79.76 percent of total equity turnover by volume. The sector recorded about 2.9 billion shares valued at N56.66 billion across 106,662 deals. The services sector followed with 153.12 million shares worth N2.33 billion, while consumer goods ranked third, recording 116.65 million shares valued at N11.03 billion in 26,487 deals. Fortis Global Insurance, Mutual Benefits Assurance and Sterling Financial Holdings were the most actively traded stocks, collectively accounting for 1.54 billion shares.
Despite the broader market decline, some stocks delivered notable gains during the week. Nigerian Exchange Group led the gainers, rising 13.85 percent from N130 to N148 per share. Ellah Lakes gained 13.33 percent to close at N10.20, while Seplat Energy climbed 10 percent to N14,907.80. E-Tranzact International and Ikeja Hotel also recorded gains of 5.69 percent and 4.58 percent respectively, showing that pockets of positive investor interest remained in the market.
On the losing side, Fortis Global Insurance suffered the steepest decline, plunging 27.5 percent from N2 to N1.45 per share. Critical Minerals Financing Corp fell 24.24 percent to N2, while Austin Laz & Company dropped 20.4 percent to N1.99. Omatek Ventures and Royal Exchange also declined by 19.41 percent and 18.18 percent respectively. With turnover, the All-Share Index and market capitalisation all ending lower, investors will be watching closely to see whether trading activity rebounds in the coming week or whether cautious sentiment continues to weigh on the NGX.
source: The cable
