Key points
- Investors gained N622 billion as market capitalisation rose to N157.06 trillion.
- The NGX All-Share Index slipped 0.14 per cent during the week.
- Financial stocks accounted for more than 71 per cent of total trading volume.
- First Holdco, Fidelity Bank and UBA ranked among the week’s top gainers.
Main story
The Nigerian equities market added N622 billion to investors’ wealth during the week, with total market capitalisation rising by 0.39 per cent to close at N157.057 trillion despite a marginal decline in the benchmark index.
The Nigerian Exchange (NGX) All-Share Index fell by 0.14 per cent to 243,462.13 points from 243,798.76 points recorded at the start of the week, reflecting mixed price movements across listed equities.
Sectoral performance remained largely positive, although the NGX Main Board, Consumer Goods, Oil and Gas, Lotus II, Industrial Goods, Growth and Sovereign Bond indices closed lower, while the Commodity Index finished flat.
Trading activity slowed compared with the previous week as investors exchanged 2.819 billion shares valued at N182.499 billion in 226,729 deals, down from 3.648 billion shares worth N220.568 billion traded a week earlier.
The Financial Services Industry dominated market activity, accounting for more than 71 per cent of total trading volume and over half of the value traded during the week.
Consumer Goods and Oil and Gas followed as the second and third most active sectors by trading volume.
First Holdco Plc, FCMB Group Plc and Access Holdings Plc emerged as the most actively traded stocks by volume, jointly contributing about one-third of total shares traded and nearly 32 per cent of market value.
Market breadth weakened, with 44 stocks posting gains during the week compared with 60 in the previous week, while 35 equities declined and 67 closed unchanged.
Among the week’s strongest performers were First Holdco, Thomas Wyatt Nigeria, Fidelity Bank, Learn Africa and United Bank for Africa.
On the losing side, BUA Cement, Red Star Express, International Energy Insurance, C&I Leasing and PZ Cussons Nigeria recorded the largest price declines.
Meanwhile, the NGX announced the admission of 13.812 billion additional ordinary shares of Sterling Financial Holdings Company Plc to its Daily Official List, increasing the company’s issued share capital.
The issues
Although market capitalisation increased, weaker trading activity and a slight decline in the benchmark index suggest investors remained cautious while selectively taking positions in banking and other sectors.
What’s being said
The Nigerian stock market added N622 billion to investors’ wealth during the week as market capitalisation rose by 0.39 per cent. — Nigerian Exchange weekly market report
What’s next
Investors are expected to monitor corporate earnings, macroeconomic developments and sector performance as they assess opportunities in the coming trading sessions.
Bottom line
The market ended the week with higher investor wealth despite a modest decline in the benchmark index, supported by gains in selected stocks and continued strength in financial sector trading.
