Investor activity on the Nigerian Exchange (NGX) slowed sharply last week as the total value of shares traded dropped by more than half, reflecting growing caution among market participants. Data from the NGX showed that investors exchanged shares worth N161.75 billion over five trading sessions, a significant decline from the N374.04 billion recorded in the previous week.
The exchange reported that a total of 3.87 billion shares changed hands in 334,745 deals, representing a 50.1% decrease in trading volume compared to the 7.77 billion shares traded in 402,945 deals a week earlier. The slowdown was also reflected in the broader market performance, with the NGX All-Share Index (ASI) shedding 0.25% to close at 249,712.37 basis points, while market capitalization slipped 0.23% to N160.08 trillion.
Despite the overall decline in market activity, the financial services sector remained the engine of trading on the exchange. The sector accounted for 2.41 billion shares valued at N69.71 billion across 126,919 deals, representing more than 62% of the total traded volume and 43% of market value. The services industry followed with 409.3 million shares worth N5.4 billion, while the oil and gas sector recorded 294.85 million shares valued at N31.5 billion.
Banking and financial stocks continued to attract the highest investor interest during the week. Sterling Financial Holdings Company, Fidelity Bank Plc, and Access Holdings Plc emerged as the most actively traded equities, jointly accounting for 1.09 billion shares worth N19.53 billion exchanged in 21,683 deals. Together, the three stocks contributed over 28% of total trading volume on the exchange, underscoring sustained investor appetite for banking-sector equities despite the broader market slowdown.
On the performance chart, Associated Bus Company Plc led the gainers after its share price surged 44.82% to close at N9.08, followed by Academy Press Plc with a 29.79% gain and University Press Plc, which rose 28%. Other notable gainers included International Energy Insurance Plc and Learn Africa Plc. On the flip side, Sovereign Trust Insurance Plc recorded the steepest loss, declining 22.45%, while Trans-Nationwide Express Plc, CAP Plc, Berger Paints Plc, and RT Briscoe Plc also featured prominently among the week’s worst-performing stocks as profit-taking and weak investor sentiment weighed on selected counters.
source: The cable