In the ninth week of 2024, the Nigerian Stock Exchange (NGX) witnessed a flurry of activity, marking significant shifts in trading volumes, values, and index movements compared to the previous week.
From Monday, February 26, 2024, to Friday, March 1, 2024, investors engaged in trading activities that totaled 1.822 billion shares valued at N34.149 billion, reflecting a notable increase of approximately 8.2 percent compared to the previous week’s statistics.
Financial Services Industry leads the charge
The financial services industry emerged as the front-runner, trading 1.275 billion shares valued at N20.427 billion in 24,801 deals. This sector contributed 67.78 percent and 59.82 percent to the total equity turnover volume and value, respectively.
Following closely was the Conglomerates Industry, which traded 227.237 million shares worth N2.972 billion in 3,351 deals.
The Oil and Gas Industry secured the third position, with a turnover of 115.327 million shares worth N746.959 million in 2,704 deals.
Index movements and Market Capitalisation
Despite a 3.27 percent depreciation, the NGX All-Share Index closed the week at 98,751.98, with the market capitalization standing at N54.035 trillion. While most indices experienced a decline, NGX ASem, NGX AFR Bank Value, and NGX Sovereign Bond demonstrated appreciation by 16.93 percent, 1.15 percent, and 8.25 percent, respectively.
Daily trading highlights
Analysing the daily trading dynamics during the ninth week of 2024 on the Nigerian Stock Exchange (NGX) reveals a rollercoaster of market activities, showcasing both fluctuations and resilience among investors.
Monday, February 26, 2024:
Monday witnessed 9,957 deals resulting in a turnover volume of 294.32 million shares, valued at N6.72 billion. This dynamic day involved trading in 120 stocks, setting the tone for the week.
Tuesday, February 27, 2024: A slight dip
Tuesday experienced an 8.92 percent drop in deals, totaling 9,141, compared to the previous day’s 9,957. However, the market remained robust with a turnover volume of 280.46 million shares and a total value of N6.12 billion from 123 stocks.
Wednesday, February 28, 2024: Bouncing back
Wednesday witnessed a notable 15.37 percent increase in deals, reaching 10,549 compared to the previous day’s 9,141. The turnover volume soared to 396.23 million shares, valued at N5.83 billion, involving 122 stocks.
Thursday, February 29, 2024: Peak turnover
Thursday saw a decline in deals, settling at 9,650. However, it boasted the highest turnover volume for the week, totaling 542.95 million shares and a value of N8.70 billion. This peak performance involved 120 stocks.
Friday, March 1, 2024: Week’s conclusion
The week concluded on Friday with 9,168 deals, a turnover volume of 367.62 million shares, involving 120 stocks and worth N6.78 billion. Despite the fluctuations throughout the week, investors exhibited resilience in their trading activities, contributing to the overall vibrancy of the NGX.
Top equities traded
The top three equities – Guaranty Trust Holding Company Plc, FBN Holdings Plc, and Transnational Corporation Plc – collectively accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing significantly to the total equity turnover volume and value.
Notably, investors’ confidence in these leading equities may have been influenced by the recent announcement of Tony Elumelu, a key figure in the financial sector, as a member of a tripartite economic advisory set up by Nigerian President Bola Ahmed Tinubu.
Speaking at the meeting, Tony Elumelu shared his optimism, stating, “I believe that implementing the decisions we arrive at today will propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table.”
Gainers and Losers
During the ninth week of trading on the NGX, 27 equities appreciated in price, while 54 equities depreciated.
Notably, JULI PLC. and PZ Cussons Nigeria Plc were among the top gainers, while MTN Nigeria Communications Plc recorded the highest percentage loss.
Exchange-Traded Products (ETP)
Exchange-traded products (ETP) saw a total of 39,238 units valued at N11.534 million traded this week, reflecting investor interest in diverse investment instruments.
The week’s market activity showcased significant shifts in trading volumes, values, and index movements, indicating evolving investor sentiment and market dynamics.
Investors are keenly observing industry performance, regulatory developments, and macroeconomic indicators, adjusting their strategies to navigate the dynamic landscape of the Nigerian Stock Exchange. As the market evolves, investors remain vigilant, adapting their approaches to seize opportunities and manage risks effectively.
