Nigerian Exchange Sees 42.6% Deal Surge Amid Losses

On November 3, the Nigerian Exchange recorded a significant 42.6% increase in trading deals, totaling 53,932, despite a loss of N35 billion in market capitalization, which brought the total to N165.08 trillion. The NGX All-Share Index decreased by 0.02%, closing at 254,245.21 points.

Year-to-date returns remain strong at 63.38%. Trading activity saw a sharp decline, with volume traded dropping by 48.15% to 517.23 million units and value decreasing by 44.67% to N47.48 billion.

The average trade size fell to approximately N0.88 million per deal. Market breadth weakened, with 42 losers compared to 21 gainers.

Consolidated Hallmark Insurance led the gainers with a 10% increase, closing at N7.15 per share, while Champion Breweries (NGX: CHAMPION) and Uni Assurance led the losers, each down by 10%. United Capital Plc (NGX: UCAP) projected that Nigeria's equity market would maintain positive momentum, driven by improved investor sentiment and selective buying.