The 15th week of trading on the Nigerian Stock Exchange (NGX) remained vibrant despite the country observing public holidays to celebrate Eid al-Fitr.
The market operated for only two trading days this week, as the Federal Government of Nigeria declared Tuesday, April 9 to Thursday, April 11 2024, as Public Holidays.
Investors experienced a shortened week, with trading only on Monday and Friday. However, market participants remained actively engaged despite the break, facilitating a total turnover of 1.132 billion shares valued at N28.650 billion in 21,921 deals.
This is in contrast to the previous week, which saw a total turnover of 3.680 billion shares valued at N57.892 billion in 40,726 deals. There was a 69.2 per cent decrease in share turnover and a 50.5 per cent decrease in the total value traded compared to the previous week.
Top performing sectors: Financial Services maintains winning streak
The Financial Services Industry maintained its 14-week winning streak, emerging as the top performer in terms of trading activity. The sector accounted for 859.65 million shares valued at N20.624 billion in 12,297 deals, contributing 75.94 per cent and 71.99 per cent to the total equity turnover volume and value, respectively.
In second place was the Conglomerate Industry, recording 107.940 million shares worth N1.461 billion in 1,346 deals, reflecting a diverse range of investor interests.
The Consumer Goods Industry secured the third position, with a turnover of 51.443 million shares valued at N1.921 billion in 2,658 deals, indicating sustained consumer confidence despite the holiday interruptions
Index Movements and market capitalisation
The NGX All-Share Index and Market capitalisation depreciated by 1.09 per cent and 1.08 per cent, respectively, to close the week at 102,314.56 and N57.865 trillion. All other indices finished lower except the NGX ASeM and NGX Sovereign Bond indices, which closed flat.
Daily trading highlights
Analysing the daily trading activities during the 15th week of 2024 on the Nigerian Stock Exchange reveals fluctuations and resilience among investors. Though open for only two days, trading volume peaked on Friday.
Monday, April 8, 2024: The market opened with 9,430 deals resulting in a turnover volume of 397.94 million shares, worth N7.06 billion, the second-highest for the week.
Friday, April 12, 2024: Investors engaged in 8,529 deals, trading 734.04 million shares valued at N21.5 billion, marking the highest activity level for the week.
Friday saw the highest deals exchanged for the week, with an increase of 45.79 per cent and 204.53 per cent in share and value, respectively, compared to the opening day.
Top equities traded
Trading in the top three equities, namely United Bank for Africa Plc, Zenith Bank Plc, and Abbey Mortgage Bank Plc (measured by volume), accounted for 447.033 billion shares worth N10.745 billion in 3,513 deals, contributing 39.49 per cent and 37.50 per cent to the total equity turnover volume and value, respectively.
NGX Week 15: Top price gainers and decliners
Nineteen equities appreciated during the week, while forty equities depreciated, and ninety-five remained unchanged.
Morison Industries Plc led the chart with a 20.75 per cent price increase, followed by Oando Plc and Transnational Corporation Plc with 10.57 per cent and 10.33 per cent price increases, respectively.
On the flip side, Access Holdings Plc, United Capital Plc, and Guaranty Trust Holding Company Plc recorded the most percentage losses.
Exchange-Traded Products (ETP)
Exchange-traded products (ETP) saw a total of 64,300 units valued at N3.204 million traded this week in 48 deals compared with a total of 28,431 units valued at N8.264 million transacted last week in 124 deals.
Conclusion: A shortened week with mixed results
The 15th week of trading on the Nigerian Stock Exchange (NGX) showcased resilience amid holiday celebrations, with investors actively engaging in the market despite the shortened trading week due to Eid al-Fitr holidays. Despite operating for only two days, the market saw notable turnover, albeit with over 60 per cent decrease compared to the previous week.
Daily trading highlights revealed fluctuations in trading volume throughout the week, with Friday witnessing the highest activity level. Top equities traded included United Bank for Africa Plc, Zenith Bank Plc, and Abbey Mortgage Bank Plc, contributing significantly to the total equity turnover volume and value.
However, the NGX All-Share Index and Market Capitalization experienced a slight decline, closing the week lower. Despite this, certain indices such as NGX ASeM and NGX Sovereign Bond remained flat, indicating stability in specific market segments.
