NGX closes lower as investors trade 2.024 billion shares worth N110.773 billion

The Nigerian Exchange closed the week lower after the All-Share Index and market capitalisation each fell by 0.13%. The ASI closed at 247,222.27 points while market capitalisation settled at N160.519 trillion.

Trading activity rose despite the decline. Investors exchanged 2.024 billion shares worth N110.773 billion in 173,113 deals, compared with 1.659 billion shares valued at N98.088 billion in 184,632 deals the previous week.

Financial services lead activity

The Financial Services Industry dominated trading by volume, recording 1.111 billion shares worth N53.908 billion across 81,787 deals. The sector accounted for 54.89% of total trading volume and 48.66% of total trading value.

The Consumer Goods Industry ranked second with 394.039 million shares valued at N9.811 billion traded in 17,912 deals. The Agriculture sector placed third, recording 147.170 million shares worth N2.821 billion across 7,462 deals.

Multi-Trex Integrated Foods, Zenith Bank and Livestock Feeds were the most actively traded stocks. Together, they recorded 521.565 million shares worth N19.093 billion in 16,487 deals, accounting for 25.76% of total trading volume and 17.24% of total trading value.

Market breadth weakens

Market breadth weakened during the week. 20 equities recorded price gains, down from 50 in the previous week. 55 stocks declined, compared with 30 in the preceding week, while 71 equities closed flat, up from 66 previously.

Top gainers and losers

ABC Transport Plc rose by 20.66% to close at N7.30. AVA Capital Plc gained 17.74% to settle at N7.30. Caverton Offshore Support Group Plc advanced by 17.07% to N4.80. Fidelity Bank Plc increased by 14.01% to close at N24.00. Multi-Trex Integrated Foods Plc appreciated by 10.00% to 66 kobo.

UPDC Real Estate Investment Trust fell by 17.26% to close at N17.50. Omatek Ventures Plc declined by 12.50% to N1.40. University Press Plc shed 12.12% to settle at N4.35. Regency Alliance Insurance Plc lost 11.25% to close at 71 kobo. NGX Group Plc dropped by 10.00% to N174.60.

The market closed lower even as more shares changed hands. For investors, the week showed weaker breadth and a split between higher trading volume and lower valuations.

In a separate development, the Minister of Education, Dr Tunji Alausa, welcomed the Aliko Dangote Foundation’s proposal to acquire shares in Dangote Refinery’s planned initial public offering for eligible students in Nigerian tertiary institutions. Under the proposed arrangement, eligible students aged 18 and above would receive 10 IPO shares each without making any payment, as the foundation would cover the cost. The programme could benefit as many as four million students if fully implemented.