The Nigerian stock exchange continued its impressive run from the beginning of the year into this week. The second week of trading on the Nigerian stock market witnessed another impressive performance, as there was a huge improvement in trades recorded from last week.
A total of 5.72 billion shares valued at N88.83 billion (approximately USD 92.85 million) were traded in 80,059 deals. These figures represent a 72.3% increase on the 3.72 billion stocks traded and a 112.72% increase on the N41.76 billion worth of shares traded from last week.
Stock price and volume analysis
In terms of trading volume, Transcorp led other companies with 653 million shares traded in total. Transcorp, a conglomerate of diverse operations including hospitality (hotels) and energy, has maintained a steady presence on the list of top-performing companies on the Nigerian stock exchange for some time now.
FCMB retained the second spot from last week with 369 million shares traded, and Fidelity Bank claimed the third spot for the week after being displaced from the top spot it held last week; they traded a total of 357 shares. The top 10 companies in trading volume account for 55% of the total volume of shares traded for the week.
TOP 10 COMPANIES BY TRADING VOLUME
| COMPANY | VOLUME |
| TRANSCORP | 653,255,518 |
| FCMB | 369,266,013 |
| FIDELITYBK | 357,060,068 |
| STERLINGNG | 330,264,479 |
| ACCESSCORP | 329,055,544 |
| UBA | 311,550,010 |
| JAIZBANK | 218,363,934 |
| AIICO | 215,012,010 |
| ZENITHBANK | 189,279,557 |
| VERITASKAP | 186,029,811 |
Top 10 companies in trading volume (in 1,000,000 units)
In terms of trading value, UBA continued its dominance from last week, with shares worth N9.67 billion (approximately USD10.11 million) traded this week.
The second spot was claimed by Accesscorp with N9.32 billion (approximately USD 9.74 million). Transcorp held down the third spot with N8.88 billion (approximately USD 9.29 million). The top 10 companies in trading value account for 68% of the total value of shares traded for the week.
TOP 10 COMPANIES BY TRADING VALUE
Top 10 companies in trading value (in 1,000,000 naira)
Daily trading analysis
In terms of trading volume, the week started on a high note as 1.19 billion shares were traded on Monday. The momentum was sustained and improved, as 1.41 billion shares were traded on Tuesday.
The highest volume of shares for the week was traded on Wednesday, as 1.64 billion shares were traded. The remaining days of the week experienced a decline in trading volume as 877 million shares were traded on Thursday, which further declined to 600 million on the last day of trading for the week.
Daily trading volume (in 1,000,000 units)
In trading value, the same triangular pattern observed in trading volume was observed for the week. Trading started for the week with shares worth N15.26 billion traded on Monday. The momentum was sustained on Tuesday and Wednesday, as N24.68 billion and N25.38 billion worth of shares were traded on these days, respectively.
As with trading volume, Wednesday recorded the highest value of shares for the week. A decline in trading value was recorded on Thursday, as 14.41 billion shares were traded. This further declined on Friday, as only 9.10 billion worth of shares were traded, the lowest for the week.
Daily trading value (in 1,000,000 naira)
TOP 10 PRICE GAINERS
TOP 10 PRICE DECLINERS
Stocks on the Nigerian stock exchange beat other stocks from around the world to emerge second-best in terms of gains. The Nigerian stock exchange’s run for the year has been impressive as investors and traders experience gains from the first two weeks of trading on the stock market.
As mentioned in the previous report for the week, UBA, a top-tier Nigerian bank, crossed the one trillion-naira market cap last week. This week, two top-tier banks followed suit as they crossed the one trillion naira market cap. They are First Bank of Nigeria and Access Holdings.
Nigerian banks continue to dominate the stock market as they record impressive trades in volume and value. Nigerian banks, as earlier stated, have experienced gains as the stock market continues to flourish amid a harsh economy.
Nigerian banks are major pillars of the Nigerian stock exchange, led by the FUGAZ, Nigeria’s top-tier banks. They are First Bank of Nigeria, UBA, GTCO, Access Bank, and Zenith Bank.
The all-share index hit 83,191.84 points during the week. This is the highest recorded in some months and serves to further solidify the current state of the Nigerian stock exchange as “thriving.”.
Access Bank recently acquired Atlas Mara Zambia, a banking corporation in Zambia. The impact of this move will surely consolidate Access Bank as one of the top banks. This move will also affect the stock exchange market, and it is hoped this effect will be positive in the long run.
A continual topic of discussion has been the economic situation of the country, brought about by the rate of inflation and the naira/dollar exchange rate. As the stock market continues its positive rally from the beginning of the year, there is hope on the horizon that this positive run will flow into other sectors and ease the economic burden the nation is grappling with.
- Transcorp tops other companies in trading volume, while UBA leads other companies in trading value.
- The Nigerian stock exchange continues its impressive run amidst economic challenges.
- The All-share index hits 83,191.84, the highest recorded in months.
- Wednesday records the highest volume and value of shares recorded for the week.
- Nigerian stocks ranked second in gains for the week.
This article does not advertise or recommend any stock or company. This is purely for information. The author and trendswatch.co will bear no responsibility whatsoever for any decision taken by anyone or any group based on the information gleaned from this article.
NB: The chart with information on the stock exchange market is correct as at Sunday, January 14th, 2024.
Dashboard for week ending, Jan 12th, 2024
