The tenth week of 2024 on the Nigerian Stock Exchange (NGX) unfolded with a 68.62 percent surge in the value of total shares traded compared to last week’s.
During the week, a total of 2.16 billion shares exchanged hands in 51,556 deals, reflecting a significant uptick from the 1.882 billion shares traded in 48,464 deals the preceding week. This surge in activity amounted to a total value of N108.824 billion, marking a substantial increase of 68.62 percent over the previous week’s N34.149 billion.
Index movements and market capitalisation:
The NGX All-Share Index and Market Capitalisation witnessed robust growth, appreciating by 2.61 percent and 6.03 percent respectively, closing at 101,330.85 and N57.293 trillion. While most indices surged, NGX Banking and NGX Insurance experienced marginal declines.
The NGX All-Share Index and Market Capitalization appreciated by 2.61 percent and 6.03 percent, closing at 101,330.85 and N57.293 trillion, respectively. Despite this overall positive trend, specific indices like NGX Banking and NGX Insurance saw depreciation of 1.40 percent and 5.22 percent, respectively.
Non-oil industry takes the lead
The non-oil sector, spearheaded by the Financial Services Industry, Conglomerates Industry, and Utilities Industry, emerged as the driving force behind market activities. These industries collectively dominated trading activities during the tenth week of the NGX in 2024.
Financial Services Industry: Led the activity chart with 899.48 million shares valued at N15.778 billion traded in 20,278 deals. Despite a decline in volume and value compared to the previous week, it remained a formidable force.
Conglomerates Industry: Secured the second position with 736.973 million shares worth N12.90 billion in 4,996 deals.
Utilities Industry: Took the third spot, with a turnover of 208.511 million shares valued at N65.75 billion in 5,602 deals, outpacing the oil and gas sector from the previous week.
Daily trading highlights
Throughout the week, daily trading exhibited a narrative of market fluctuations, investor sentiment, and resilient trading activities.
Monday, March 4, 2024: Setting the tone
The week commenced with fervor as Monday witnessed 10,749 deals, marking a 7.95% increase compared to the previous week’s Monday. This uptick in deal activity resulted in a turnover volume of 429.64 million shares, valued at N19.92 billion. Engaging in trading activities across 125 stocks, investors set the stage for a dynamic and eventful week.
Tuesday, March 5, 2024: A bouncing high
Tuesday unfolded as a day of resilience, experiencing a 2.09 percent increase in deals totaling 10,976, compared to the preceding day’s 10,749. This marked the highest deal activity for the week. The turnover volume was 429.64 million shares, with a total value of N19.92 billion emanating from 126 stocks.
Wednesday, March 6, 2024: Steady trading dynamics
Wednesday recorded 9,338 deals, contributing to a turnover volume of 416.45 million shares, valued at N19.51 billion. The engagement spanned 123 stocks, showcasing the market’s steady nature amid the evolving dynamics of the trading week.
Thursday, March 7, 2024: Peak turnover
Thursday marked a rebound in deals, settling at 9,708, a 2.1 percent increase compared to the previous day. While showcasing resilience, Thursday boasted the second-highest turnover volume for the week, totaling 554.72 million shares, with a value of N17.73 billion. This stellar performance unfolded across 123 stocks, underscoring the market’s robust nature.
Friday, March 8, 2024: The Week’s conclusion
The week concluded on Friday with 10,785 deals, contributing to a turnover volume of 358.12 million shares. Involving 128 stocks and worth N19.87 billion, Friday encapsulated the culmination of the week’s trading activities.
Top Equities traded: Heirs Holdings Trio reigns supreme
The Heirs Holdings trio – Transnational Corporation Plc, Transcorp Power Plc, and United Bank for Africa Plc – stand unrivaled. Together, they commanded a lion’s share of the market for the week, boasting 1.056 billion shares valued at N78.770 billion in 12,167 deals. This amounts to 48.97 percent of the total equity turnover volume and 72.38 percent of its value.
Gainers and Losers
While 22 equities appreciated in price, 56 equities witnessed price depreciation, reflecting market volatility.
Transcorp Power Plc, Juli Plc, and International Energy Insurance emerged as top gainers, while Guinness Nigeria, Ecobank Transnational Incorporated Plc, and Nem Insurance faced the highest price losses.
Exchange-Traded Products (ETP)
Exchange-traded products (ETP) saw a decline in units traded compared to the previous week, reflecting shifting investor preferences and market dynamics.
As the Nigerian Stock Exchange evolves, investors remain vigilant, adapting strategies to seize opportunities and manage risks effectively. With continued attention to industry performance, regulatory developments, and macroeconomic indicators, investors navigate the dynamic landscape of the NGX with resilience and adaptability.
