NGX Weekly Review: Transaction Value Rises 7.5% Despite Market Dip
Nigeria’s equities market posted a mixed performance in the past week, with transaction value climbing 7.50% even as the benchmark index closed lower, underscoring investors’ cautious positioning amid profit-taking.
According to the Nigerian Exchange (NGX) weekly report, a total of 4.77 billion shares worth ₦107.43 billion were traded in 152,965 deals, compared with 8.56 billion shares valued at ₦99.94 billion in the previous week. While trade volume fell, improved deal sizes and renewed interest in select counters drove the higher value turnover.
Sector Highlights: Financials Dominate
The Financial Services Industry maintained its dominance, accounting for 78.24% of turnover volume and 56.44% of value with 3.73 billion shares worth ₦60.63 billion changing hands.
- Consumer Goods followed with 370.40 million shares worth ₦14.03 billion.
- Services sector ranked third, trading 176.28 million shares valued at ₦1.28 billion.
Three equities—Universal Insurance, Zenith Bank, and FCMB Group—collectively contributed 1.20 billion shares worth ₦29.43 billion, representing more than 25% of total market volume.
Market Performance: Broad Indices Decline
Despite the turnover boost, sentiment across the board remained soft. The All-Share Index (ASI) fell 2.51% to close at 141,004.14 points, while market capitalization slipped to ₦89.21 trillion.
Almost all indices closed negative, except:
- NGX Consumer Goods Index: +0.83%
- NGX Growth Index: +4.14%
- NGX ASeM & Commodity Indices: Flat
This reflects sector rotation, with investors booking profits in bellwethers while channeling liquidity into consumer plays and growth-focused stocks.
Gainers and Losers
The week’s performance table showed 43 gainers, down from 50 previously, while 54 stocks declined, compared with 49 a week earlier.
Top Gainers:
- Austin Laz: +20.83%
- NCR Nigeria: +20.69%
- Nigerian Enamelware: +19.45%
- Guinea Insurance: +18.79%
- Mutual Benefits Assurance: +14.29%
Top Losers:
- Thomas Wyatt Nigeria: -20.83%
- NEM Insurance: -20.69%
- Stanbic IBTC Holdings: -19.45%
- Lasaco Assurance: -18.79%
- RT Briscoe: -14.29%
BRANDECONOMY Insight: Value vs. Sentiment
The rise in transaction value despite a broad index decline suggests institutional accumulation in select counters and stronger deal flows in financials and consumer goods. However, the selloff in blue-chip names underscores lingering macroeconomic pressures—particularly high inflation, FX volatility, and cautious risk appetite.
Looking ahead, market watchers expect earnings releases and dividend declarations in coming weeks to drive selective rallies, while broader sentiment may remain tempered until policy signals and macro indicators improve.
