Market Capitalization Drops To N66.7trn Amid Mixed Sectoral Performance

Investors on the Nigerian Exchange (NGX) witnessed a slight decline in market performance during the past trading week, as major indices trended downward.

A total of 1.818 billion shares valued at N47.23bn were exchanged in 64,222 deals, marking a marginal decline from the 1.848 billion shares worth N51.387bn traded in 63,090 deals the previous week.

The NGX All-Share Index (ASI) fell by 1.19 per cent to close at 106,538.60 points, while the Market Capitalization depreciated by 0.71 per cent, settling at N66.72tn.

The downturn was reflected across various indices, except for the NGX AseM and NGX Commodity indices, which appreciated by 0.04 per cent and 0.19 per cent, respectively.

The Financial Services Industry led the trading activity by volume, with a turnover of 1.260 billion shares worth N27.82tn, executed in 29,800 deals.

This sector contributed 69.31 per cent and 58.90 per cent to the total equity turnover volume and value, respectively.

Following closely was the Consumer Goods Industry, where 123.336 million shares valued at N3.07bn were traded in 7,793 deals. The Services Industry secured third place with a total turnover of 118.931 million shares worth N832.60m in 3,730 deals.

Zenith Bank Plc, Fidelity Bank Plc, and Access Holdings Plc emerged as the top three traded stocks of the week based on volume. These equities collectively recorded 451.558 million shares worth N13.58bn in 10,055 deals, representing 24.84 per cent and 28.76 per cent of the total equity turnover volume and value, respectively.

Market sentiment remained mixed, as 30 equities recorded price appreciation, an increase from the 27 gainers in the previous week. Meanwhile, 58 equities suffered price depreciation, a slight improvement from the 60 decliners in the preceding week. Additionally, 62 equities remained unchanged, compared to 63 equities that held steady in the prior week.

Despite the overall decline in key indices, the market showcased resilience, with improved sentiment reflected in the increase in gainers. Investors are expected to keep a close watch on macroeconomic trends and corporate earnings releases, which could influence market direction in the coming weeks.

Market Capitalization Drops To N66.7trn Amid Mixed Sectoral Performance is first published on The Whistler Newspaper