The Nigerian Exchange (NGX) recorded a loss of N83 billion in market value last week as investors responded to sell-offs in several large-cap stocks. Both the All-Share Index (ASI) and market capitalisation experienced a 0.15% decline, closing at 96,433.53 points and N55.39 trillion, respectively.
Despite the overall downward trend, the NGX Oil and Gas Index managed to buck the trend, posting a 1.52% gain. This sector stood out positively amid the general market contraction.
Trading Activity Overview
During the week, investors traded a total of 2.14 billion shares valued at N51.22 billion in 55,603 deals. This was a decrease from the previous week’s activity, which saw 2.82 billion shares worth N53.05 billion exchanged across 50,488 deals.
The financial services industry led the market in both volume and value, accounting for 1.23 billion shares worth N19.98 billion. This represented 57.40% of total equity turnover volume and 39% of the total value. The oil and gas sector followed closely with 262.48 million shares worth N18 billion traded in 14,275 deals, while the services sector came in third with a turnover of 155.59 million shares valued at N532.94 million in 3,558 deals.
The top three equities by volume were Access Holdings Plc, Oando Plc, and Zenith Bank Plc. Together, they accounted for 517.34 million shares valued at N24.45 billion, representing 24.16% of total equity turnover volume and 47.75% of total value.
Daily Market Performance
Throughout the week, daily trading volumes and values fluctuated. On Monday, the market saw 498.12 million shares traded, worth N11.04 billion in 13,149 deals. By Tuesday, trading volume dropped slightly to 473 million shares valued at N10.41 billion in 12,532 deals. Wednesday saw a further decline with 389.23 million shares worth N8.18 billion traded across 12,039 deals. On Thursday, the market began to recover, with 388.62 million shares traded for N9.57 billion in 9,897 deals. The week ended on a stronger note with 392.51 million shares valued at N12.02 billion exchanged on Friday.
Gainers and Losers
A total of 36 equities appreciated during the week, down from 46 in the previous week, while 46 stocks declined, up from 26 in the prior week. A total of 69 stocks remained unchanged.
Among the top gainers, Industrial & Medical Gases Nigeria Plc rose by 32.58%, closing at N35.00. Berger Paints Plc also saw significant gains, climbing 31.12% to N18.75, while E-Tranzact International Plc increased by 20.59% to close at N6.15.
On the losing side, RT Briscoe Plc led the declines with a 27.61% drop, closing at N2.57, followed by FTN Cocoa Processors Plc, which fell by 18.38% to N1.51.
Market Outlook
Afrinvest, in its market review, noted that the NGX retreated from the previous week’s positive performance, largely driven by sell-offs in major stocks. “The NGX All-Share Index declined by 0.15% week-on-week, while market capitalisation shed N83.8 billion, reducing the year-to-date return to 29%,” the firm stated.
While the overall market was in decline, some pockets of gains suggest that investor sentiment could remain mixed as key sectors continue to show resilience amidst broader market volatility.
