Trading activity on the Nigerian Exchange Limited strengthened significantly last week, with investors exchanging 4.689 billion shares worth N240.824 billion in 261,198 deals. This represents a sharp increase in volume from the 3.249 billion shares valued at N237.986 billion traded in 287,919 deals in the preceding week. The value of transactions increased marginally by about 1.2 per cent, while market volume jumped by more than 44 per cent.
The Financial Services Industry remained the dominant force in market activity, accounting for 3.537 billion shares valued at N116.666 billion in 115,985 deals. This sector contributed 75.43 per cent of total equity turnover by volume and 48.44 per cent by value, underscoring the continued dominance of banking and financial stocks in market activity.
The ICT Industry followed with 279.827 million shares worth N15.773 billion traded in 29,520 deals, while the Conglomerates Industry ranked third, recording 154.165 million shares valued at N6.621 billion in 4,540 deals. Activity was particularly concentrated in Fidelity Bank Plc, Fortis Global Insurance Plc, and Zenith Bank Plc, which jointly accounted for 2.020 billion shares worth N54.057 billion in 21,385 deals.
The three equities, Fidelity Bank Plc, Fortis Global Insurance Plc, and Zenith Bank Plc, alone represented 43.08 per cent of total equity turnover volume and 22.45 per cent of total turnover value for the week. This significant contribution from these stocks highlights their continued influence on market activity.
The broader market also recorded improved price breadth, with 61 equities appreciating during the week, compared with 52 in the previous week. Thirty-two stocks declined, unchanged from the preceding week, while the number of equities that remained unchanged fell to 53 from 63 previously, indicating increased price movement across the market.
Critical Minerals Financing Corporation Plc emerged as the strongest price gainer, rising from N2.04 to N3.26, representing a 59.80 per cent increase. This significant price gain underscores the stock's strong performance during the week.
The significant surge in trading activity on the Nigerian Exchange Limited suggests renewed investor interest in the equities market. The market's improved price breadth and the strong performance of key stocks, including Critical Minerals Financing Corporation Plc, also indicate a positive trend for the market.
Key points
- - The Nigerian Exchange Limited saw a significant surge in trading activity, with investors exchanging 4.689 billion shares worth N240.824 billion. - The Financial Services Industry dominated market activity, accounting for 75.43 per cent of total equity turnover by volume. - Critical Minerals Financing Corporation Plc emerged as the strongest price gainer, rising by 59.80 per cent.
