Stock market turnover jumps 32% despite NGX decline

TRADING activity on the Nigerian Exchange (NGX) strengthened in the week ended July 31, with the value of equities traded rising by 32.2 percent to N404.76 billion despite a decline in the broader market.

An analysis of the NGX weekly market report showed that investors exchanged 5.12 billion shares in 285,223 deals during the week, up from 4.43 billion shares worth N306.14 billion traded in 255,589 deals the previous week.

The bullish trading activity, however, was not enough to lift market performance as the All-Share Index (ASI) lost 2,073.72 points, or 0.84 percent, to close at 245,283.68 from 247,357.40. Market capitalisation also slipped by 0.79 percent to N158.33 trillion from N159.59 trillion.

The financial services sector remained the dominant driver of market activity, recording 3.92 billion shares valued at N271.43 billion in 123,514 deals. The sector accounted for 76.55 percent of total trading volume and 67.06 percent of the value of equities exchanged during the week.

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It was followed by the services sector, which traded 203.20 million shares worth N3.06 billion in 18,333 deals, while the consumer goods sector recorded 191.28 million shares valued at N13.20 billion across 30,730 deals.

First Holdco Plc, AVA Capital Plc and Access Holdings Plc emerged as the three most actively traded stocks by volume. Together, they accounted for 2.31 billion shares worth N224.77 billion in 27,359 deals, representing 45.09 percent of the total volume traded and 55.53 percent of the total value.

Critical Minerals Financing Corp Plc topped the gainers’ chart after its share price advanced 22.78 percent from N3.16 to N3.88. Coronation Infrastructure Fund followed with a 20.92 percent increase, while Thomas Wyatt Nigeria Plc gained 20.66 percent.

Consolidated Hallmark Holdings Plc appreciated by 19.60 percent during the week, while LASACO Assurance Plc completed the top five gainers with an 18.68 percent rise.

On the losers’ table, Associated Bus Company Plc posted the biggest decline after its share price dropped 18.44 percent. Fortis Global Insurance Plc fell 16.13 percent, followed by Tripple Gee and Company Plc, which shed 15.54 percent.

Veritas Kapital Assurance Plc declined 15.38 percent, while International Breweries Plc rounded out the week’s top five losers after its stock price fell 13.87 percent.