The 18th week of trading on the Nigerian Stock Exchange (NGX) was a four-day trading week due to the public holiday declared by the Federal Government of Nigeria on Wednesday, May 1, 2024, to commemorate Workers’ Day.
Despite the holiday, investors and market stakeholders remained active, trading a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals.
This marked a 5.55% increase in shares traded compared to the previous week, although there was a 5.46% decline in the value of shares traded.
Index movements and market capitalisation
The NGX All-Share Index and Market Capitalization appreciated by 1.46% to close the week at 99,587.25 and N56.323 trillion respectively, unlike the previous week’s NGX All-Share Index and Market Capitalization which depreciated 1.39% to close the week at 98,152.91 and N55.512 trillion.
Meanwhile all other indices for the week in view, finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26%, 0.68% and 0.36% while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Top performing sectors: Financial Services maintains dominance
The Financial Services Industry extended its dominance with consistency, emerging as the top performer in terms of trading activity for the week.
The Financial Services Industry (measured by volume) led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals; thus contributing 77.08% and 68.78% to the total equity turnover volume and value respectively. Last week, (week 17), the industry contributed 61.38% and 65.06% to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.
The third place was the Conglomerates Industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.
Daily trading highlights
Trading Highlights of the 18th Week of 2024 on the Nigerian Stock Exchange showcased market fluctuations. The week kicked off with a robust start on Monday, reached its peak on Wednesday, and then experienced a decline from Thursday to Friday.
Daily trading highlights
The 18th week of trading on the Nigerian Stock Exchange (NGX) showcased a blend of resilience and cautious optimism among investors. Despite a public holiday declared by the Federal Government of Nigeria on Wednesday, May 1, 2024, to commemorate Workers’ Day, market activity remained robust.
Throughout the week, investors traded a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals. While this represented a 5.55% increase in shares traded compared to the previous week, the value of shares traded declined by 5.46%.
Monday, April 29, 2024:
The week commenced with a cautious tone as the market recorded a turnover volume of 277.24 million shares valued at N5.08 billion. This was the lowest trading activity of the week, with investors trading across 124 stocks. However, there was a slight uptick of 1.17% in share values compared to the previous trading day.
Tuesday, April 30, 2024:
Trading activity gained momentum on the second day of the week, marking the end of April 2024 on a positive note. Investors engaged in 9,350 deals across 127 stocks, a 7.29% increase from the previous day’s 8,714 deals.
The turnover volume surged to 522.21 million shares, worth N14.92 billion, marking the highest volume for the week. Compared to Monday, April 29, 2024, shares traded surged by 88.46% in volume and 193.70% in value.
Wednesday, May 1, 2024:
No trading activity took place as the Federal Government declared the day a public holiday to commemorate World Labour Day.
Thursday, May 2, 2024:
Resuming after the holiday, the market struggled to maintain the previous trading day’s peak. Investor activity on the trading floor involved 8,446 deals, with turnover volume hitting 665.2 million shares, the highest for the week, valued at N5.54 billion, the third-highest for the week. The shares were exchanged among 124 stocks.
Friday, May 3, 2024:
The week closed on a subdued note, with investors engaged in 9,297 deals, trading 446.57 million shares valued at N7.1 billion. This marked the second-highest value of shares recorded for the week, showing that the market recovered from the dip recorded after the holiday.
Compared to the opening day, Monday, April 29, 2024, Friday witnessed approximately a 6.69% increase in the number of deals, a 61.07% increase in the volume of shares traded, and a 39.75% increase in the value of shares traded.
Furthermore, a week-on-week comparison for Friday, May 3, 2024, and Friday, April 26, 2024, showed investors’ activity on the trading floor, number of deals engaged in, volume and value of shares traded, increased by 41.20%, 68.45%, and 41.30% respectively.
Top equities traded
Trading in the top three equities for week 18, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc (measured by volume) accounted for 898.940 million shares worth N14.314 billion in 5,518 deals, contributing 46.31% and 43.85% to the total equity turnover volume and value respectively.
When reviewed side by side with last week’s performance, players in the banking sector dominated with Access Holdings Plc, making a comeback.
It also indicated that week 18’s top trading equities performed better than last week’s by approximately 54.46 per cent in terms of volume of shares traded and 35.42 per cent in terms of value or worth of shares traded.
The top three equities traded for the week were Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc, and Access Holdings Plc, accounting for 898.940 million shares worth N14.314 billion in 5,518 deals. This represented 46.31% and 43.85% of the total equity turnover volume and value, respectively.
Notably, Access Holdings made the list twice in a row, indicating its robust performance in the market. Meanwhile, Guaranty Trust Holding Company (GTCO), renowned as one of Nigeria’s most efficiently run banks, made a significant impact with its recent announcement.
GTCO unveiled the largest ever pre-tax profits in Nigerian banking history, as revealed in its first-quarter earnings report. The bank reported a pre-tax profit of N509.3 billion. This performance translated into a profit after tax of N457.1 billion for the period under review.
Additionally, GTCO’s total assets surged to N13 trillion from N9.6 trillion at the end of 2023. Considering that the bank’s entire profit after tax for 2023 was N539.6 billion, this latest financial achievement shows the significance of the result for GTCO and its shareholders.
Top price gainers and decliners
Despite missing a trading day, Forty-two (42) equities appreciated in price during the week in view, higher than twenty-seven (27) equities in the previous week.
Thirty-six (36) equities depreciated in price lower than forty-three (43) in the previous week, while seventy-six (76) equities remained unchanged, lower than eighty-four (84) recorded in the previous week.
FBN Holdings Plc led the chart with a remarkable 32.68% price increase, followed by Sterling Financial Holdings Company PLC and UACN Plc, which saw price increases of 27.75% and 24.60% respectively.
On the flip side, NASCON Allied Industries, University Press Plc, and Neimeth Int.l Pharmaceuticals Plc were among the top decliners in terms of percentage losses.
Exchange-Traded Products (ETP)
A total of 18,767 units valued at N1.664 million were traded this week in 74 deals compared with a total of 15,057 units valued at N5.112 million transacted last week in 161 deals.
In conclusion, the 18th week of trading on the NGX showcased resilience, welcoming investors into May with a promising start.
Despite the shortened trading week due to the May Day holiday, FBN Holdings’ impressive performance set a positive tone for the month. The market indices surged, reflecting renewed investor confidence and a bullish sentiment.
