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Financial Services Industry Leads Activity On Ngx Equity Market

POSTED ON February 17, 2024 •   Business      BY Oluwakemi Ademuyiwa

The financial services industry took the lead on the equity market of the Nigerian Exchange Ltd. (NGX) during the week, with investors trading a total turnover of 1.6 billion shares worth N36.50 billion in 42,546 deals.

This marks a contrast from the previous week, which saw a total of 2.478 billion shares valued at N47.856 billion traded in 54,982 deals.

According to the NGX weekly market report, the financial services industry led the activity chart by volume, with 1.127 billion shares valued at N18.908 billion traded in 19,424 deals. This industry contributed 72.27 per cent and 51.81 per cent to the total equity turnover volume and value respectively.

Following closely was the conglomerates industry, with 117.400 million shares worth N1.508 billion traded in 2,775 deals. The consumer goods sector took the third spot, with a turnover of 98.422 million shares valued at N4.008 billion in 6,322 deals.

United Bank for Africa (UBA), FBN Holdings Plc, and Guaranty Trust Holding Company Plc (GTCO) were the top three traded equities, which accounted for 389.286 million shares worth N11.757 billion in 5,372 deals. This contributed 24.96 per cent and 32.21 per cent to the total equity turnover in volume and value respectively.

In Exchange Traded Products (ETPs), investors transacted a total of 27,394 units valued at N16.787 million this week in 239 deals, compared with a total of 3.144 million units valued at N108.299 million traded last week in 659 deals.

As a result, the NGX All-Share Index and market capitalisation rose by 3.79 per cent to close the week at 105,722.78 and N57.850 trillion respectively.

During the week, 35 equities appreciated in price, higher than the 20 equities in the previous week. 51 equities depreciated in price, lower than the 68 in the previous week, while 68 equities remained unchanged, higher than the 66 recorded in the previous week.

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