The Nigerian Exchange Limited (NGX) experienced a week of robust trading activity and bullish sentiment, culminating in a significant increase in market capitalization. Total turnover reached 2.645 billion shares valued at N77 billion, exceeding the previous week’s figures of 2.2 billion shares worth N75.4 billion. This surge in trading propelled the market capitalization by approximately N1.69 trillion, settling at N68.339 trillion, while the All-Share Index climbed to 108,733.40 points. This positive performance indicates growing investor confidence in the Nigerian market.
The Financial Services sector dominated trading activity, accounting for 61.90% of the total volume and 59.51% of the total value. 1.638 billion shares worth N45.825 billion were traded within this sector. Following closely were the Services and Consumer Goods sectors, further demonstrating broad-based market participation. The Services industry traded 364.653 million shares valued at N2.909 billion, while the Consumer Goods sector recorded 190.221 million shares worth N6.771 billion. This concentration of activity in key sectors highlights their continued attractiveness to investors.
Guaranty Trust Holding Company Plc, Access Holdings Plc, and Tantalizer Plc emerged as the most actively traded equities, collectively accounting for a substantial portion of the overall turnover. These three companies alone traded 839.689 million shares valued at N27.737 billion. This high trading volume underscores the significant investor interest in these particular equities. Furthermore, with the exception of the NGX MERI Growth Index, which experienced a slight decline, all other indices on the Exchange recorded gains, reinforcing the overall positive market sentiment.
The Exchange Traded Products (ETPs) market witnessed a significant drop in activity compared to the previous week. Only 26,367 units valued at N6.753 million were traded, a sharp contrast to the 1.039 million units worth N43.613 million traded the week before. Conversely, the fixed income market saw increased activity, with 169,476 bond units valued at N175.3 million traded, a considerable jump from the previous week’s 6,327 units valued at N5.689 million. These fluctuations in different segments of the market highlight the dynamic nature of investor preferences.
Market sentiment remained overwhelmingly positive, with a notable increase in the number of equities appreciating in price. 68 equities gained value, compared to 52 in the preceding week. Conversely, the number of declining equities decreased from 37 to 28. Multiverse Mining and Exploration Plc led the gainers with a remarkable 57.48% increase in share price, followed by Academy Press Plc with a 50.52% gain. Notable gains were also recorded by Beta Glass Plc (46.31%), The Initiates Plc (34.95%), and International Energy Insurance Plc (31.88%). These substantial gains reflect strong investor confidence in the growth potential of these companies.
On the other hand, Abbey Mortgage Bank Plc led the decliners with a 15.66% drop in share price. Meyer Plc and Veritas Kapital Assurance Plc also experienced declines of 13.51% and 10.81% respectively. VFD Group Plc and Transcorp Power Plc also saw their share prices fall, by 10.61% and 9.98% respectively. These declines, while present, were outweighed by the overall positive market performance. In a significant regulatory action, the NGX suspended trading in the shares of Golden Guinea Breweries Plc due to the company’s failure to submit its unaudited financial statements. This suspension underscores the NGX’s commitment to maintaining market integrity and transparency. The overall positive performance of the NGX points to a robust and resilient market, driven by investor confidence and strong activity in key sectors.
