Trading activity on the Nigerian Exchange Limited (NGX) weakened during the week, with investors exchanging shares worth N130.15 billion, representing a 16.4 percent decline from the previous week.
Gatekeepers News reports that according to the NGX weekly market report, 3.64 billion shares were traded in 244,777 deals during the five-day trading period. This compared with 4.36 billion shares valued at N210.33 billion traded in 223,284 deals in the preceding week.
The decline in turnover was accompanied by losses in the broader market. The NGX All-Share Index, the benchmark indicator of equity market performance, fell by 1.6 percent to close the week at 243,052.74 points.
Market capitalisation also declined by 1.24 percent to N157.58 trillion during the period.
Financial Services Dominates Trading
The financial services sector remained the most active segment of the market, accounting for 79.76 percent of total equity turnover by volume.
The sector recorded 2.9 billion shares valued at N56.66 billion across 106,662 deals. In terms of value, financial services accounted for 43.54 percent of total equity turnover during the week.
The services sector followed, with 153.12 million shares worth N2.33 billion traded in 15,850 deals, while the consumer goods sector ranked third after recording 116.65 million shares valued at N11.03 billion in 26,487 deals.
Fortis Global Insurance Leads Most-Traded Stocks
Fortis Global Insurance Plc, Mutual Benefits Assurance Plc and Sterling Financial Holdings Company Plc emerged as the three most actively traded equities during the week.
Together, the three companies recorded 1.54 billion shares worth N4.06 billion in 3,017 deals. Their combined volume represented 42.33 percent of total equity turnover, although they accounted for only 3.12 percent of turnover by value.
NGX Group Tops Gainers
Nigerian Exchange Group Plc led the gainers after its share price rose 13.85 percent from N130 to N148.
Ellah Lakes Plc followed with a 13.33 percent increase, moving from N9 to N10.20, while Seplat Energy Plc gained 10 percent to rise from N13,552.60 to N14,907.80.
E-Tranzact International Plc appreciated by 5.69 percent to N13, while Ikeja Hotel Plc gained 4.58 percent to close at N44.50.
Fortis Global Insurance Records Biggest Loss
Fortis Global Insurance Plc recorded the steepest decline of the week, losing 27.5 percent as its share price dropped from N2 to N1.45.
Critical Minerals Financing Corp Plc fell 24.24 percent from N2.64 to N2, while Austin Laz & Company Plc declined by 20.4 percent to N1.99.
Omatek Ventures Plc lost 19.41 percent, falling from N1.70 to N1.37, while Royal Exchange Plc declined by 18.18 percent to 90 kobo.
The latest figures point to a weaker week for Nigerian equities, as both trading turnover and key market indicators declined despite gains recorded by some individual stocks.
