The Nigerian Exchange Limited (NGX) closed last week with a bearish performance, as the equities market lost N197 billion in market capitalisation. This followed weak investor sentiment and profit-taking activities across major listed companies. The market ended the week with the All-Share Index dropping by 0.62 per cent to close at 109,028.62 points, while the market capitalisation fell from N68.949 trillion to N68.752 trillion.
Despite the decline in market value, trading activities improved significantly compared to the previous week. A total of 3.932 billion shares worth N74.813 billion were traded in 105,220 deals. This was higher than the 2.606 billion shares valued at N63.785 billion that exchanged hands in 77,593 deals during the previous week.
The financial services sector remained the most active sector during the week. It accounted for 2.405 billion shares worth N32.271 billion in 44,570 deals, contributing 61.16 per cent and 43.14 per cent to the total equity turnover volume and value, respectively. The sector continued to attract attention as investors focused on banking stocks and other financial instruments.
The services sector followed with a turnover of 442.995 million shares worth N4.201 billion in 7,523 deals. The consumer goods sector also recorded active trading, with 283.157 million shares valued at N12.678 billion exchanged in 15,675 deals. These figures reflect increased investor participation across different segments of the market.
Three companies—Royal Exchange Plc, Fidelity Bank Plc, and Tantalizer Plc—stood out among the most traded stocks. These three accounted for 1.610 billion shares valued at N8.897 billion in 8,079 deals. Their combined performance represented 40.95 per cent of the total volume and 11.89 per cent of the total value traded during the week.
In the fixed-income market, activity was lower in terms of volume but higher in value. A total of 109,953 units worth N52.587 million were traded in 164 deals, compared to the previous week’s 138,668 units valued at N26.703 million in 148 deals.
On the Exchange Traded Products (ETP) segment, investors traded 21,285 units valued at N21.418 million in 34 deals. This was a sharp drop from 121,749 units worth N118.695 million traded in 56 deals the week before.
Despite the overall market drop, some indices posted slight gains. The NGX Insurance Index rose by 0.73 per cent, the AFR Dividend Yield Index increased by 0.11 per cent, the Consumer Goods Index gained 2.18 per cent, and the Industrial Goods Index appreciated by 0.72 per cent. Other indices ended the week lower, while the Alternative Securities Market (ASeM) Index closed flat.
In terms of market breadth, 52 equities gained in price, a decline from 61 recorded in the previous week. Meanwhile, 41 stocks recorded losses, up from 31 in the earlier week. About 55 stocks remained unchanged.
Among the top gainers of the week was Cutix Plc, which added ₦0.57 to close at ₦3.17, reflecting a 21.92 per cent increase. Custodian Investment Plc rose by ₦3.85 to close at ₦21.80, up by 21.45 per cent. Red Star Express Plc gained ₦1.16 to end the week at ₦6.71, an increase of 20.90 per cent. John Holt Plc added ₦1.30 to close at ₦7.60, rising by 20.63 per cent. Eunisell Interlinked Plc went up by ₦2.20 to ₦12.95, gaining 20.47 per cent.
On the losers’ side, Neimeth International Pharmaceuticals Plc lost ₦0.63 to close at ₦3.07, dropping by 17.03 per cent. Associated Bus Company Plc fell by ₦0.46 to ₦2.49, a 15.59 per cent decline. Transcorp Hotels Plc dipped by ₦24.50 to ₦138.50, representing a 15.03 per cent fall. NPF Microfinance Bank Plc dropped by ₦0.33 to close at ₦2.25, down by 12.79 per cent. FTN Cocoa Processors Plc lost ₦0.31 to finish at ₦2.28, reflecting an 11.97 per cent decrease.
The NGX also recorded two significant listings last week. Chapel Hill Denham Nigeria Infrastructure Debt Fund listed an additional 229,316 units arising from its Q1 2025 scrip dividend. This increased the total units of the fund from 1,055,514,831 to 1,055,744,147.
In addition, United Bank for Africa (UBA) Plc listed an extra 6.839 billion ordinary shares of 50 kobo each at N35.00 per share. These shares were part of a rights issue, offered on a ratio of one new share for every five shares held as of November 5, 2024. The listing increased UBA’s total issued shares from 34.199 billion to 41.039 billion.
Meanwhile, the market had closed on a positive note the previous week, gaining N614 billion in capitalisation. The All-Share Index had risen by 0.90 per cent to 109,710.37 basis points, while the market capitalisation settled at N68.953 trillion.
