NGX turnover falls to N130bn as market capitalisation drops

TRADING activity on the Nigerian Exchange Limited (NGX) weakened last week as investors exchanged 3.64 billion shares valued at N130.15 billion in 244,777 deals.

The turnover represented a 16.4 percent decline in volume from the 4.36 billion shares traded for N210.33 billion in 223,284 deals in the preceding week.

The decline in activity came alongside a weaker performance in the broader equities market, with the NGX All-Share Index falling 1.6 percent to close the week at 243,052.74 points.

Market capitalisation also shed 1.24 percent to finish at N157.58 trillion.

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Financial stocks dominate activity

Financial services companies remained the main drivers of trading activity, accounting for 79.76 percent of total equity turnover by volume.

The sector recorded 2.9 billion shares valued at N56.66 billion across 106,662 transactions. In value terms, however, financial services stocks accounted for 43.54 percent of total equity turnover during the week.

The services sector followed with 153.12 million shares worth N2.33 billion traded in 15,850 deals, while consumer goods stocks ranked third, recording 116.65 million shares valued at N11.03 billion across 26,487 deals.

Fortis Global, Mutual Benefits dominate volume

Fortis Global Insurance Plc, Mutual Benefits Assurance Plc and Sterling Financial Holdings Company Plc emerged as the most actively traded stocks during the week.

The three equities collectively recorded 1.54 billion shares worth N4.06 billion in 3,017 transactions.

Their combined volume represented 42.33 percent of total shares traded on the exchange, although they contributed only 3.12 percent of the market’s total turnover by value.

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NGX Group leads gainers

NGX Group Plc posted the strongest price appreciation among the equities tracked during the week, rising 13.85 percent from N130 to N148 per share.

Ellah Lakes Plc followed with a 13.33 percent gain, advancing from N9 to N10.20, while Seplat Energy Plc rose 10 percent from N13,552.60 to N14,907.80.

E-Tranzact International Plc gained 5.69 percent, moving from N12.30 to N13, while Ikeja Hotel Plc appreciated 4.58 percent from N42.55 to N44.50.

Fortis Global suffers biggest decline

Fortis Global Insurance was also the worst-performing stock of the week, losing 27.5 percent of its value as its share price fell from N2 to N1.45.

Critical Minerals Financing Corp Plc ranked second among the decliners, dropping 24.24 percent from N2.64 to N2.

Austin Laz & Company Plc declined 20.4 percent from N2.50 to N1.99, while Omatek Ventures Plc fell 19.41 percent from N1.70 to N1.37.

Royal Exchange Plc completed the top five losers, shedding 18.18 percent as its share price declined from N1.10 to 90 kobo.