Onome Amuge
Nigeria’s equities market had a week of dramatic twists, with sharp fluctuations ultimately tipping the scales into positive territory. After enduring a loss of N118.22 billion the previous week, the market made a rebound, closing with a gain of N294.96 billion by Friday.
The Nigerian Exchange (NGX) saw positive momentum in three out of five trading sessions as market capitalisation climbed from N58.92 trillion to N59.215 trillion.
In a similar trend, the All-Share Index (ASI) also posted a 0.50 percent increase, closing at 97,722.28, up from 97,236.19 points the week before.
For the week, trading activity on the NGX witnessed a sharp decline, signaling a quieter period for investors as a total of 1.482 billion shares, valued at 38.875 billion, exchanged hands across 44,795 deals.
Comparatively, the market saw a more robust performance in the previous week, when 6.468 billion shares worth N75.745 billion were transacted in 48,804 deals. This represents a drop of over 77 percent in trading volume and a nearly 49 percent decrease in value week-on-week.
The Nigerian equities market kicked off the week on a positive note, with investors raking in N83.47 billion by the close of trading on Monday, November 11, 2024. However, the momentum was short-lived, as the market reversed course on Tuesday, November 12, 2024, ending the session with a loss of N68.65 billion.
The bulls made a strong comeback on Wednesday, November 13, 2024, as investors pocketed N96.14 billion by the close of trading.
The market took a downturn on Thursday, November 14, 2024, as investors saw a loss of N112.43 billion by the end of the session.
The NGX closed on a high note on Friday, November 15, 2024, with investors securing a gain of N296.43 billion by the end of the trading session, marking a strong finish to the week.
The Financial Services sector maintained its leadership position on the Nigerian Exchange for the week, driving the majority of trading activity. By volume, the sector accounted for 1.068 billion shares, worth N19.820 billion, transacted across 21,001 deals. This performance contributed 72.04 percent to the total equity turnover volume and 50.98 percent to the value of trades.
The Oil and Gas sector secured the second spot on the Nigerian Exchange activity chart. The industry recorded a turnover of 103.143 million shares valued at N11.351 billion across 8,200 deals.
Meanwhile, the Consumer Goods sector claimed third place with 77.198 million shares traded, amounting to N2.845 billion in value from 4,266 deals.
Access Holdings Plc, United Capital Plc, and United Bank for Africa Plc emerged as the top-performing equities by volume on the Nigerian Exchange for the week. Combined, these three heavyweights traded 433.794 million shares valued at N10.274 billion across 8,790 deals. This is as their collective contribution represented 29.27 percent of the total equity turnover volume and 26.43 percent of the overall value.
Investor sentiment on the NGX showed a dynamic shift, with a larger number of equities experiencing price changes. 39 equities recorded price gains, surpassing the 31 gainers from the previous week, reflecting pockets of bullish activity.
However, the market also saw an uptick in decliners, with 46 equities losing value, compared to 42 in the prior week. Meanwhile, 67 equities remained unchanged, a decline from the 79 that maintained stability the previous week.
John Holt Plc emerged as the standout performer on the NGX, posting a 60.50 percent surge in its share price, marking the highest percentage gain across the market.
Eunisell Interlinked Plc followed closely, with its share price rising by 46.22 percent. Tantalizers Plc also joined the week’s top gainers, recording a 33.93 percent increase in share price.
On the downside, Daar Communications Plc saw the steepest decline in share price on the Nigerian Exchange, shedding 12.12 percent.
Oando Plc followed with a 10.44 percent drop, while VFD Group Plc rounded out the top losers, recording a 10.00 percent decrease in its share price.
