Investors on the Nigerian Exchange Limited (NGX) traded 3.647 billion shares valued at N130.151 billion in 244,777 deals during the week, a significant decline from the N210.331 billion recorded in the previous week. The NGX All-Share Index and market capitalisation depreciated by 1.60% and 1.24% respectively, closing the week at 243,052.74 points and N157.587 trillion.
Financial Services Dominates Trading Activity
The Financial Services industry, measured by volume, led trading activity with 2.909 billion shares valued at N56.668 billion exchanged in 106,662 deals. The sector accounted for 79.76% of total equity turnover volume and 43.54% of total equity turnover value during the week.
The Services industry followed, recording 153.122 million shares worth N2.331 billion traded in 15,850 deals. The Consumer Goods industry ranked third, with a turnover of 116.656 million shares valued at N11.035 billion in 26,487 deals.
Top Three Equities Account for 42.33% of Volume
Trading in the top three equities by volume — Fortis Global Insurance Plc, Mutual Benefits Assurance Plc and Sterling Financial Holdings Company Plc — accounted for 1.544 billion shares worth N4.067 billion in 3,017 deals. The three equities represented 42.33% of total equity turnover volume and 3.12% of total equity turnover value.
The latest trading activity was lower than the previous week when 4.360 billion shares worth N210.331 billion were exchanged in 223,284 deals.
Market Breadth Turns Negative
Market breadth weakened significantly during the week, with only nine equities recording price appreciation compared with 56 gainers in the previous week. Eighty equities declined in price, up from 35 decliners recorded in the previous week. Meanwhile, 58 equities remained unchanged, compared with 56 equities that recorded no price movement in the previous week.
Top price gainers included Nigerian Exchange Group Plc, which rose from N130.00 to N148.00 (+N18.00, 13.85%); Ellah Lakes Plc, from N9.00 to N10.20 (+N1.20, 13.33%); and Seplat Energy Plc, from N13,552.60 to N14,907.80 (+N1,355.20, 10.00%). Other gainers were E-Tranzact International Plc (N12.30 to N13.00, +5.69%), Ikeja Hotel Plc (N42.55 to N44.50, +4.58%), Learn Africa Plc (N8.65 to N9.00, +4.05%), Wema Bank Plc (N29.60 to N30.40, +2.70%), Consolidated Hallmark Holdings Plc (N6.42 to N6.50, +1.25%), and International Breweries Plc (N9.95 to N10.00, +0.50%).
Top price decliners included Fortis Global Insurance Plc, which fell from N2.00 to N1.45 (-27.50%); Critical Minerals Financing Corp Plc, from N2.64 to N2.00 (-24.24%); and Austin Laz & Company Plc, from N2.50 to N1.99 (-20.40%). Other decliners were Omatek Ventures Plc (N1.70 to N1.37, -19.41%), Royal Exchange Plc (N1.10 to N0.90, -18.18%), R. T. Briscoe (Nigeria) Plc (N9.90 to N8.10, -18.18%), Ava Capital Plc (N6.20 to N5.10, -17.74%), Champion Breweries Plc (N11.95 to N10.00, -16.32%), McNichols Consolidated Plc (N5.25 to N4.45, -15.24%), and Sunu Assurances Nigeria Plc (N3.29 to N2.80, -14.89%).
According to Legit.ng, the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering is now live, with the regulator approving the offer of 4.1 billion ordinary shares at N525 each, a transaction that could raise roughly N2.15 trillion if fully subscribed. The SEC also registered the refinery's existing 120.13 billion ordinary shares. The market's negative breadth and reduced turnover signal cautious investor sentiment, with the next trading sessions likely to reflect the impact of these declines on portfolio valuations.
