Investors trade N164bn stocks in five sessions as NGX turnover dips 10%

TRADING momentum on the Nigerian stock market softened last week as total transactions declined compared with the previous period, according to data released by Nigerian Exchange Limited (NGX).

The exchange disclosed in its weekly report that investors bought and sold 3.32 billion shares valued at N164.84 billion in 318,907 deals during the five trading days. The figure represents a drop from the 3.69 billion shares worth N177.68 billion that changed hands in 370,980 transactions in the preceding week.

While overall trading activity slowed, the market still closed the week on a positive note. The total value of listed equities increased, pushing the market capitalisation to N127.36 trillion.

The report attributed the rise to a marginal improvement in the all-share index (ASI), which gained 0.73 percent. The benchmark index moved upward from 196,968.15 points recorded in the previous week to 198,407.30 points.

READ ALSO: NGX weekly: Investors gain N1.137trn as Wema, FBN, Universal lead

Financial stocks dominate market activity

Sectoral analysis showed that the financial services industry remained the most active segment of the market by volume.

Stocks in the sector accounted for 2.17 billion shares traded during the week, valued at N59.8 billion across 124,992 deals. This represented 65.61 percent of the total volume of shares exchanged on the market and 36.28 percent of the total transaction value.

The oil and gas industry followed as the second most active sector, with investors trading 207.69 million shares worth N27.6 billion in 32,820 deals.

Consumer goods companies came third, recording transactions of 189.63 million shares valued at N11.85 billion in 34,288 deals.

Most traded equities

Three companies such as Access Holdings Plc, Fortis Global Insurance Plc and First Holdco Plc accounted for a significant portion of total market activity.

Together, the stocks recorded 677.31 million shares valued at N14.56 billion in 17,346 transactions, contributing 20.39 percent of the market’s total trading volume and 8.83 percent of the value traded.

Leading gainers

Among stocks that posted the strongest price appreciation, Premier Paints Plc topped the list after its share price climbed by 32.88 percent, rising from N14.60 to N19.40.

Conoil Plc followed with a gain of 20.95 percent as its stock advanced from N169 to N204. Shares of BUA Cement Plc also posted strong growth, rising 20 percent to close the week at N270 compared with N225 previously. Fidson Healthcare Plc recorded a 19.04 percent increase in share price, finishing at N105.35 from N88.50.

Meanwhile, Omatek Ventures Plc gained 18.18 percent to close at N2.60, up from N2.20.

READ ALSO: Capital markets turning hostile as oil sector defaults scare investors

Biggest losers

On the downside, SCOA Nigeria Plc recorded the sharpest drop in share price for the week, falling by 34.06 percent from N34.35 to N22.65.

Fortis Global Insurance Plc also declined significantly, losing 20.81 percent of its value to close at N1.18 from N1.49. Similarly, Sovereign Trust Insurance Plc slipped 20.68 percent, ending the week at N2.11 compared with its opening price of N2.66.

Shares of Aluminium Extrusion Industries Plc dropped by 18.71 percent to N12.60 from N15.50. In the same vein, LivingTrust Mortgage Bank Plc shed 17.38 percent of its share value, declining from N5.87 to close at N4.85.