The Nigerian Exchange (NGX) recorded a strong performance during the trading week ended, with investors exchanging a total of 17.498 billion shares valued at ₦500.76bn in 142,082 deals.
This marked a significant increase from the previous week’s turnover of 5.390 billion shares worth ₦107.811bn in 134,390 deals.
The NGX All-Share Index (ASI) appreciated by 4.31 per cent to close the week at 131,585.66 points, while market capitalisation rose to ₦83.24trn, underscoring a sustained bullish sentiment in the market.
Despite a shortened trading week due to the public holiday declared on Tuesday, July 15, in honour of the late former President Muhammadu Buhari, the market maintained robust activity across several sectors.
Trading was heavily driven by the Financial Services Industry, which led the activity chart with 15.771 billion shares valued at ₦437.76bn traded in 66,725 deals.
This accounted for 90.13 percent and 87.42 percent of the total equity turnover in volume and value respectively. The Information and Communication Technology (ICT) Industry followed, with 325.134 million shares worth ₦3.492bn in 9,028 deals.
The Consumer Goods Industry placed third, recording a turnover of 313.424 million shares valued at ₦20.162bn across 14,917 deals.
Three equities—First Holdco Plc, FCMB Group Plc, and Fidelity Bank Plc—were the most traded by volume, contributing significantly to overall market activity.
Together, these stocks accounted for 13.229 billion shares worth ₦367.49bn in 10,083 deals, making up 75.60 percent of the total volume and 73.39 percent of the total value traded on the Exchange.
Despite the market’s positive overall movement, performance across sectoral indices was mixed. While most indices recorded gains in the week, a few key sectors witnessed a decline.
The NGX Insurance Index fell by 3.65 per cent, the NGX ASeM Index declined by 9.56 per cent, the NGX Oil and Gas Index dipped by 0.76 per cent, the NGX Growth Index slid by 4.80 per cent, and the NGX Sovereign Bond Index dropped by 0.57 per cent.
In terms of market breadth, the number of gainers declined notably compared to the previous week. Forty-nine equities appreciated in price, down from ninety recorded in the preceding week.
Conversely, fifty-four equities posted price declines, significantly higher than the sixteen recorded the previous week. Meanwhile, forty-four equities closed flat, slightly up from forty-one in the prior period.
Overall, the surge in trading volume and value, combined with the increase in the benchmark index and market capitalisation, reflects ongoing investor confidence.
However, the sharp rise in the number of decliners and the mixed sectoral performance suggest some level of caution among market participants.
With the earnings season in view, traders are expected to position around fundamentally strong stocks as they anticipate corporate results and potential dividend declarations.
