NGX Index Gains 3.18% As Turnover Hits ₦134.58bn

Trading activity on the Nigerian Exchange Limited (NGX) closed higher during the week as the All-Share Index (ASI) and market capitalisation appreciated by 3.18 per cent to settle at 145,754.91 points and ₦92.22trn respectively.

The upbeat performance came on the back of sustained buying interest across key sectors, although some indices ended in the red.

A total turnover of 8.736 billion shares valued at ₦134.58bn was exchanged in 180,290 deals, representing a significant increase in volume but a decline in value when compared to the 4.847 billion shares worth ₦149.76bn traded last week in 174,267 deals.

Sector performance was mixed. All sectoral indices recorded gains except the NGX CG, NGX Banking, NGX Pension, NGX AFR Bank Value, NGX AFR Dividend Yield, NGX MERI Value, NGX Growth, and NGX Commodity indices, which fell by 0.64 per cent, 0.75 per cent, 0.14 per cent, 1.01 per cent, 0.66 per cent, 1.25 per cent, 7.91 per cent, and 2.33 per cent respectively.

The Financial Services Industry maintained its dominance on the activity chart, accounting for 85.65 per cent of total equity turnover volume and 52.74 per cent of total value. A total of 7.483 billion shares worth ₦70.98bn were traded in 77,227 deals within the sector.

The Agriculture Industry followed, with investors transacting 201.906 million shares valued at ₦7.86bn in 11,450 deals.

The Services Industry ranked third with 191.921 million shares worth ₦2.48bn in 10,595 deals.

Three equities — Linkage Assurance Plc, Consolidated Hallmark Holdings Plc, and Universal Insurance Plc were the most actively traded stocks by volume during the week.

They jointly accounted for 3.195 billion shares worth ₦6.59bn in 3,964 deals, contributing 36.57 per cent and 4.90 per cent to total equity turnover volume and value respectively.

Market breadth remained positive as 66 equities recorded price appreciation, higher than 54 in the preceding week.

Conversely, 41 equities declined, compared to 49 in the previous week, while 39 equities closed flat, lower than the 43 recorded in the prior week.

Analysts noted that the improved market breadth and increased turnover volume signal renewed investor confidence, driven by bargain hunting in fundamentally sound stocks and expectations of strong corporate earnings in the second half of the year.

NGX Index Gains 3.18% As Turnover Hits ₦134.58bn is first published on The Whistler Newspaper