The 11th week of trading on the Nigerian Stock Exchange (NGX) showcased significant shifts in trading volumes, values, and index movements compared to the previous week.
From Monday, March 11, 2024, to Friday, March 15, 2024, investors engaged in trading activities totalling 1.733 billion shares in 44,713 deals valued at N52.867 billion. This marked a decline of approximately 51.42 percent compared to the previous week’s performance.
The Financial Services Industry emerge most performing industry
The financial services industry, measured by volume, topped the list, maintaining its pace since February, trading 1.136 billion shares valued at N23.185 billion in 19,896 deals. This sector contributed 64.04% and 43.86% to the total equity turnover volume and value transacted on the NGX for the week.
The Conglomerates Industry came second with 339.390 million shares worth N5.874 billion in 3,650 deals, while the Consumer Goods Industry took third place with a turnover of 82.645 million shares worth N6.724 billion in 6,155 deals.
Index movements and market capitalisation
The NGX All-Share Index and Market Capitalisation appreciated by 3.71% to close the week at 105,085.25 and N59.416 trillion, respectively.
All other indices finished higher except for NGX Oil and Gas, which depreciated by 0.11%. The Oil and Gas industry has missed the spot of the top three most performing industries for the second time consecutively in March.
Daily trading highlights
Analysing the daily trading dynamics during the 11th week of 2024 on the Nigerian Stock Exchange (NGX) reveals a series of market activities, showcasing both fluctuations and resilience among investors.
Monday, March 11, 2024:
The market opening on Monday recorded 11,344 deals resulting in a turnover volume of 436.9 million shares, worth N17.01 billion, the highest for the week. This transaction involved trading in 122 stocks.
Tuesday, March 12, 2024:
Tuesday experienced a slight 1.52 percent increase in deals, totalling 11,519, compared to the previous day’s 11,344. However, the market remained robust with a turnover volume of 565.79 million shares exchanging hands 123 stocks, yielding a total value of N14.23 billion, 16.35 percent less than the previous day.
Wednesday, March 13, 2024:
Wednesday witnessed a 15.63 percent decline in deals, dropping to 9,570 from 11,344 recorded on Monday. This yielded N9.12 billion from 226.31 million shares traded, involving 122 stocks.
Thursday, March 14, 2024:
On Thursday, investors engaged in 5,823 deals, with a turnover volume of 226.31 million shares valued at N7.41 billion. This performance involved 121 stocks.
Friday, March 15, 2024:
The week concluded with investors trading 6,457 deals, 10.88 percent higher than the previous day. This resulted in a turnover volume of 217.21 million shares, involving 120 stocks and worth N5.01 billion. Despite fluctuations throughout the week, investors exhibited resilience in their trading activities, contributing to the overall vibrancy of the NGX.
Top Equities traded:
Trading in the top three equities namely Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc (measured by volume) accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21% and 32.70% to the total equity turnover volume and value respectively.
Gainers and Losers
During the 11th week of trading on the NGX, the price of 55 equities appreciated, higher than the 22 equities in the previous week. The price of 24 equities depreciated, 57.14 percent lower than the 56 in the previous week, while 75 equities remained unchanged, 1.32 percent lower than the 76 recorded in the previous week.
Julius Berger Nig. Plc. with a 30.58 percent price increase, Omatek Ventures Plc, 23.08 percent increase in price, and MTN Nigeria Communications Plc with a 20.96 price increase, led the charts of the top gainers.
On the flip side, International Energy Insurance Plc (-27.38 percent) and Sunu Assurances Nigeria Plc (-19.11 percent) and Lasaco Assurance (-14.53 percent) were the top three firms that recorded the most percentage loss respectively.
Exchange-traded Products (ETP)
Exchange-traded products (ETP) saw a total of 19,403 units valued at N8.143 million traded this week in 79 deals compared with a total of 24,397 units valued at N8.936 million transacted last week in 136 deals.
Conclusion: Shifting Sands and investor savvy
The 11th week of trading on the NGX saw a shakeup, with trading volumes, values, and indexes all shifting significantly. This volatility reflects evolving investor sentiment as they navigate the ever-changing market landscape; key factors influencing their decisions include industry performance, regulatory updates, and broader economic trends.
MTN Nigeria’s dramatic turnaround is a case in point. After leading the decline stocks in Week 9, they emerged as one of the top three gainers in Week 11. This highlights the dynamic nature of the market and the need for investors to stay informed and adaptable
As the NGX continues to evolve, savvy investors, and traders will be those who can adjust their strategies to seize opportunities and manage risks effectively.
