Trading on the Nigerian Exchange Limited (NGX) ended the week on a positive note, with investors recording a N1.498 trillion increase in the value of listed equities.
According to the latest weekly market report, the NGX All-Share Index rose by 0.92 per cent, closing at 252,113.41 points, compared with 249,804.56 points recorded at the end of the previous week.
The increase pushed the total market capitalisation of listed companies from N162.157 trillion to N163.655 trillion.
The latest performance means the Nigerian equities market has continued its upward movement after the market crossed the N162 trillion capitalisation mark in the previous week.
Trading activity increases
Trading activity also increased during the week.
Investors exchanged 4.689 billion shares worth N240.824 billion in 261,198 deals, compared with 3.249 billion shares valued at N237.986 billion in 287,919 deals recorded in the previous week.
The figures show that although the number of deals declined from the previous week, the volume of shares traded increased substantially, while the total value of transactions also edged higher.
The Financial Services Industry remained the dominant sector on the exchange. It recorded 3.537 billion shares worth N116.666 billion across 115,985 deals.
The sector accounted for 75.43 per cent of total equity turnover volume and 48.44 per cent of its value, highlighting the continued importance of banks and other financial institutions to activity on the Nigerian stock market.
The ICT Industry followed, recording 279.827 million shares valued at N15.773 billion in 29,520 deals. The Conglomerates Industry ranked third, with 154.165 million shares worth N6.621 billion traded in 4,540 deals.
Fidelity Bank, Fortis Insurance and Zenith Bank lead trading
Three companies dominated trading by volume during the week.
Fidelity Bank Plc, Fortis Global Insurance Plc and Zenith Bank Plc jointly recorded transactions involving 2.020 billion shares worth N54.057 billion in 21,385 deals.
Their combined transactions represented 43.08 per cent of the total equity turnover volume and 22.45 per cent of its value.
The strong activity in financial stocks comes as investors continue to monitor the performance of Nigerian banks and other companies listed on the NGX.
More stocks record gains
Market breadth also improved during the week.
A total of 61 equities recorded price gains, compared with 52 gainers in the previous week. Meanwhile, 32 equities declined, while 53 remained unchanged.
Among the stocks that recorded notable price increases were Critical Minerals Financing Corp., Thomas Wyatt Nigeria Plc, UPDC Plc, Omatek Ventures Plc and Fortis Global Plc.
On the other hand, Haldane McCall Plc, Champion Breweries Plc, TotalEnergies Marketing Nigeria Plc, Okomu Oil Palm Company Plc and Multiverse Mining and Exploration Plc were among the stocks that recorded declines.
Despite the overall positive performance, three NGX indices closed lower during the week. The NGX Insurance Index fell by 0.52 per cent, while the NGX Lotus II and NGX Sovereign Bond indices declined by 0.13 per cent and 0.003 per cent respectively.
The latest figures indicate increased activity and a broader rise in share prices across the Nigerian equities market during the week ended September 25.
