NGX Reports Mixed Performance Amid Reduced Equity Turnover

The Nigerian Exchange (NGX) recorded a total turnover of 2 billion shares worth N49.49bn in 70,853 deals during the past trading week, reflecting a decline from the 2.414 billionshares valued at N55.51bn exchanged in 80,988 deals in the previous week.

Despite the lower trading volume, key market indicators posted slight gains. The NGX All-Share Index (ASI) appreciated by 0.41 per cent to close at 108,497.40 points, while Market Capitalization rose by 0.29 per cent to settle at N67.614tn. However, sectoral performance was mixed, with several indices recording gains, while others faced declines.

Among the indices that depreciated were NGX CG (-2.09 per cent), NGX Premium (-1.15 per cent), NGX Banking (-3.22 per cent), NGX Pension (-1.22 per cent), NGX AFR Bank Value (-3.25 per cent), NGX AFR Div Yield (-1.79 per cent), NGX MERI Growth (-2.39 per cent), NGX MERI Value (-2.78 per cent), NGX Oil and Gas (-2.87 per cent), NGX Growth (-0.25 per cent), and NGX Commodity (-0.50 per cent).

The Financial Services Industry maintained its dominance in trading activity, leading the chart with 1.199 billion shares valued at N26.33bn traded in 30,527 deals.

This sector accounted for 59.91 per cent of the total equity turnover volume and 53.20 per cent of the total value.

The agriculture sector followed with 234.002 million shares worth N1.683bn in 3,191 deals, while the Consumer Goods Industry ranked third with 173.829m shares valued at N7.150bn across 8,903 deals.

Access Holdings Plc, Ellah Lakes Plc, and Fidelity Bank Plc emerged as the most actively traded equities by volume, contributing a combined 618.543m shares worth N11.207bn in 7,159 deals.

These three stocks accounted for 30.92 per cent of the total equity turnover volume and 22.65 per cent of the total market value traded.

Market sentiment, however, showed signs of weakening, as only 28 equities recorded price appreciation during the week, a sharp decline from the 65 gainers in the previous week.

Conversely, the number of depreciating equities increased significantly to 58 from 31 in the prior week. Additionally, 64 equities remained unchanged, a rise from the 54 recorded in the preceding trading week.

The mixed performance of the market underscores investor caution amid shifting economic conditions. Analysts will be closely watching future developments to gauge the market’s direction in the coming weeks.

NGX Reports Mixed Performance Amid Reduced Equity Turnover is first published on The Whistler Newspaper