In the trading week concluded on September 22nd, Nigeria’s equities market displayed its mettle, recording a modest 0.11 percent dip. Despite the minor setback, the market exhibited resilience, with notable shifts in equity prices and a flurry of trading activity.
Price Movements and Market Dynamics:
During the week under scrutiny, 48 equities saw their prices appreciate, surpassing the previous week’s tally of 32 gainers. On the flip side, 40 equities experienced a decrease in value, a decline from the 53 decliners observed in the preceding week. Meanwhile, 67 equities held steady, down from 70 in the previous trading week, showcasing the market’s ever-changing landscape.
Year-to-Date Returns:
The market’s year-to-date (YtD) return settled at a respectable +31.36 percent, underlining the continued appeal of Nigerian equities.
Indices and Market Capitalization:
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and the equities market capitalization both witnessed a marginal decline of 0.11 percent. The week concluded with the ASI at 67,324.59 points and the market capitalization at N36.847 trillion.
Sectoral Performance:
With the exception of NGX 30, NGX Premium, NGX AFR Div Yield, NGX Lotus II, NGX Industrial Goods, NGX Growth, and NGX Pension Broad indices, which experienced minor declines, all other indices showed positive performance. The resilience of sectors like Financial Services, Oil and Gas, and ICT was particularly notable.
Trading Activity Soars:
The trading week saw a surge in activity, with a total turnover of 3.911 billion shares valued at N30.379 billion in 38,536 deals. This marked a significant increase from the preceding week, where 2.933 billion shares valued at N47.449 billion changed hands in 44,654 deals.
Sectoral Contribution:
The Financial Services Industry led the way in terms of volume and value, contributing 70.92 percent and 50.17 percent, respectively, to the total equity turnover. Following closely was the Oil and Gas Industry, with 438.508 million shares worth N5.203 billion, and the ICT Industry, boasting a turnover of 294.470 million shares valued at N4.447 billion.
Top Performers:
The top three equities in terms of trading volume were Universal Insurance Plc, Oando Plc, and United Bank for Africa Plc. Together, they accounted for 56.56 percent of the total equity turnover volume and 29.32 percent of the total value in 7,593 deals.
While challenges persist, Nigeria’s equities market demonstrates its resilience, drawing investors’ attention and showcasing potential opportunities for those navigating these dynamic financial waters. Stay tuned for more insights and developments in the market.
