Nigerian equities lose N18.3bn in weekly turnover as trading activity slows

TRADING on the Nigerian Exchange (NGX) weakened last week, with investors exchanging shares worth N157.76 billion, representing a 10.4 percent decline from the N176.06 billion recorded in the previous week.

The latest figure covered 6.24 billion shares traded in 186,496 deals, compared with 12.15 billion shares exchanged in 224,146 deals a week earlier.

The decline in market activity was accompanied by losses in the broader market. The NGX All-Share Index fell 1.35 percent to 239,351.16 points, while total market capitalisation dropped 1.33 percent to N154.53 trillion.

Financial stocks dominate trading

Financial services companies remained the most actively traded stocks during the week, accounting for the largest share of market activity.

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The sector recorded 5.59 billion shares worth N56.43 billion across 82,300 transactions. It represented 89.62 percent of total equity turnover by volume and 35.77 percent by value.

The ICT sector ranked second, with 143.70 million shares valued at N29.79 billion traded in 23,740 deals. The services sector followed with 138.67 million shares worth N1.75 billion changing hands in 11,438 transactions.

Three stocks account for bulk of volume

Fortis Global Insurance, Lasaco Assurance and Consolidated Hallmark Holdings were the most actively traded equities by volume during the week.

Combined, the three companies recorded transactions involving 4.17 billion shares valued at N9.25 billion in 1,660 deals.

Their combined volume represented 66.77 percent of total equity turnover, while their value accounted for 5.86 percent of the market’s total weekly turnover.

Haldane McCall leads gainers

Haldane McCall emerged as the strongest performer among listed equities, climbing 32.30 percent from N2.91 to N3.85 per share.

Trans-Nationwide Express ranked second, gaining 16.20 percent from N2.84 to N3.30. Dangote Sugar Refinery advanced 5.19 percent, moving from N64.55 to N67.90, while Cadbury Nigeria rose 4.68 percent from N62 to N64.90.

UACN completed the top five gainers, appreciating 4.62 percent from N170 to N177.85.

READ ALSO: Stock market turnover jumps 32% despite NGX decline

International Energy Insurance tops losers

International Energy Insurance suffered the steepest decline, with its share price falling 27.26 percent from N5.32 to N3.87.

Fortis Global Insurance followed, losing 23.95 percent as its price dropped from N2.63 to N2. Royal Exchange declined 18.49 percent from N1.19 to 97 kobo, while Red Star Express fell 18.33 percent from N18 to N14.70.

UPDC rounded off the five biggest decliners, shedding 10.67 percent to close at N3.35 from N3.75.