NEWS
NGX All-Share Index Falls 2.13% as Equity Turnover Drops to N208.41bn
NGX All-Share Index Falls 2.13% as Equity Turnover Drops to N208.41bn
November 8, () – Trading on the Nigerian Exchange Limited (NGX) weakened during the week, as investors exchanged 2.829 billion shares valued at N208.407 billion in 193,000 deals, compared with 7.619 billion shares worth N637.826 billion traded last week. The figures represented a 62.87 per cent decline in trading volume and a 67.32 per cent drop in transaction value, indicating a significant slowdown in equity market activity during the review period.
The Financial Services Industry led the activity chart, accounting for 1.983 billion shares valued at N126.627 billion. The sector contributed 70.11 per cent of total equity turnover volume and 60.76 per cent of turnover value, maintaining its dominant position in market activity.
The Consumer Goods Industry followed with 245.568 million shares worth N15.852 billion, while the Agriculture Industry occupied third place, recording a turnover of 160.610 million shares valued at N3.283 billion.
Trading in the three most active equities by volume — First HoldCo Plc, Access Holdings Plc and Honeywell Flour Mill Plc — accounted for 992.859 million shares valued at N71.044 billion in 20,512 deals. Their combined activity represented 35.10 per cent of total equity turnover volume and 34.09 percent of transaction value.
The market’s overall performance was negative, with the NGX All-Share Index (ASI) declining by 2.13 per cent to close at 248,877.22 points. Market capitalisation also fell by 2.13 per cent to N161.594 trillion, reflecting a reduction in the total value of listed equities.
The downturn followed a week of gains in which the benchmark index had advanced by 2.86 per cent to 254,299.49 points, while market capitalisation rose to N165.114 trillion. The latest decline therefore reversed much of the previous week’s improvement, with the market shedding approximately N3.520 trillion in capitalisation.
Sectoral performance was similarly weak, as all other indices closed lower, with the exception of the NGX Growth Index, which appreciated by 1.33 per cent. The NGX Sovereign Bond Index closed unchanged.
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Market breadth also deteriorated during the week. Twenty-nine equities appreciated in price, lower than the 33 recorded in the previous week. Meanwhile, 57 equities declined, higher than the 48 recorded previously, while 60 equities remained unchanged, compared with 65 in the preceding week.
Top Gainers
Channel
Honeywell Flour Mill Plc advanced by 30.82 per cent (N22.55 to N29.50).
Transcorp Power Plc gained 23.37 per cent (N178.00 to N219.60).
eTranzact International Plc appreciated by 14.42 per cent (N16.30 to N18.65).
AXA Mansard Insurance Plc rose by 9.77 per cent (N10.75 to N11.80).
The Initiates Plc gained 9.57 per cent (N24.55 to N26.90).
Top Decliners
Vitafoam Nigeria Plc fell by 18.96 percent (N174.60 to N141.50).
Sovereign Trust Insurance Plc declined by 17.02 per cent (N2.35 to N1.95).
Eterna Plc shed 15.79 per cent (N42.75 to N36.00).
ABC Transport Plc lost 13.64 per cent (N6.60 to N5.70).
International Energy Insurance Plc declined by 12.82 per cent (N1.95 to N1.70).
Honeywell Flour Mill led the gainers, rising by 30.82 per cent to N29.50, while Transcorp Power followed with a 23.37 per cent appreciation. The performance of both stocks contrasted with the broader market decline, alongside gains recorded by eTranzact International, AXA Mansard Insurance and The Initiates.
On the losing side, Vitafoam Nigeria recorded the steepest decline among the five leading decliners, shedding 18.96 per cent. Sovereign Trust Insurance and Eterna also recorded double-digit losses, while ABC Transport and International Energy Insurance completed the list.
Activity in the bond market increased considerably during the week, with 21.993 million units valued at N20.601 billion traded, compared with 2.294 million units worth N2.195 billion in the previous week. This represented increases of approximately 858.9 per cent in trading volume and 838.3 per cent in transaction value.
The week’s performance reflected a combination of weaker equity turnover, declining market indices and a higher number of losing stocks. Although selected equities recorded substantial price gains, these advances were insufficient to offset the broader losses across the Exchange.
Going into the next trading week, investors will be watching for signs of renewed buying interest and an improvement in market breadth. A sustained recovery in activity and a reduction in the number of declining stocks would be important indicators of a possible reversal in the market’s recent downward movement.
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