Banking stocks lift NGX turnover to N152bn as market cap edges higher

THE Nigerian equities market closed last week on a stronger footing, with total transactions on the Nigerian Exchange Limited (NGX) reaching 3.36 billion shares valued at N151.94 billion across 229,442 deals. This marks an improvement from the previous week’s 2.85 billion shares worth N113.59 billion exchanged in 215,287 deals.

Trading activity was compressed into four sessions after the federal government declared April 6 a public holiday to observe Easter, limiting the number of trading days during the period.

Despite the shorter week, key market indicators advanced. The All-Share Index (ASI) climbed to 203,770.43 points, while overall market capitalisation rose by 1.05 percent to settle at N131.16 trillion.

Financial stocks dominate activity

The financial services sector led market activity, recording 2.3 billion shares valued at N90.46 billion in 98,175 deals. This translated to 68.54 percent of total traded volume and 59.54 percent of total traded value.

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Trailing behind was the services sector, which posted 264.14 million shares worth N1.97 billion in 12,638 deals. The ICT sector ranked third, with 214.57 million shares valued at N9.79 billion exchanged in 28,183 deals.

Top traded equities

Market activity was largely driven by Access Holdings Plc, Wema Bank Plc, and Guaranty Trust Holding Company Plc. Together, the trio accounted for 1.12 billion shares worth N49.45 billion in 27,886 deals.

Collectively, these stocks contributed 33.45 percent of total traded volume and 32.54 percent of total traded value, underscoring the dominance of banking equities during the week.

Top gainers

Trans-Nationwide Express Plc led the gainers’ chart, rising from N2.84 to N3.77, up by N0.93 or 32.75 percent.

Shares of Nigerian Exchange Group Plc advanced from N165 to N188, gaining N23, while Guaranty Trust Holding Company Plc