NGX Market Capitalisation Drops as Investors Trade N130bn

The Nigerian Exchange (NGX) reported a decline in both the NGX All-Share Index and market capitalisation, which fell by 1.60% and 1.24%, respectively, closing the week at 243,052.74 points and N157.587 trillion. Investors engaged in a total turnover of 3.647 billion shares valued at N130.151 billion across 244,777 deals, a decrease from the previous week’s 4.360 billion shares worth N210.331 billion in 223,284 deals.

The Financial Services sector led trading activity, with 2.909 billion shares valued at N56.668 billion exchanged in 106,662 deals, accounting for 79.76% of total equity turnover volume and 43.54% of total equity turnover value. The Services industry followed with 153.122 million shares worth N2.331 billion traded in 15,850 deals.

The top three equities by volume (Fortis Global Insurance Plc (NGX: FTGINSURE), Mutual Benefits Assurance Plc (NGX: MBENEFIT), and Sterling Financial Holdings Company Plc (NGX: STERLINGNG)) accounted for 1.544 billion shares worth N4.067 billion in 3,017 deals, representing 42.33% of total equity turnover volume and 3.12% of total equity turnover value. Market breadth weakened significantly, with only nine equities recording gains compared to 56 gainers in the previous week, while 80 equities declined in price.