Trading activity on the country’s bourse recorded a sharp increase last week as investors exchanged 12.153 billion shares valued at N176.058 billion across 224,146 deals.

The performance represents a 126.8 per cent increase in traded volume compared with the 5.359 billion shares N139.053 billion exchanged in 261,869 deals in the previous week. Turnover value also increased by 26.6 per cent, while the number of deals declined by about 14.4 per cent.

The increase in activity was also reflected in other trading indicators. Market depth improved to 27.76 per cent from 21.67 per cent in the previous week, while average daily value traded rose to N35.21 billion from N27.81 billion.

The financial services industry dominated market activity, accounting for 11.212 billion shares valued at N88.991 billion across 102,246 deals. The sector contributed 92.25 per cent of total equity turnover by volume and 50.55 per cent by value.

Information and Communication Technology (ICT) Industry followed with 246.127 million shares worth N51.605 billion traded in 27,169 deals, while the Services Industry ranked third with 198.195 million shares valued at N1.995 billion across 13,747 deals.

Activity was particularly concentrated in three equities. Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc. The trio accounted for 9.488 billion shares worth N36.219 billion in 1,781 deals, representing 78.07 per cent of total equity turnover volume and 20.57 per cent of turnover value for the week.

The fixed-income segment also recorded increased activity, with investors trading 232,979 units valued at N226.258 million in 35 deals, compared with 117,372 units worth N121.249 million in the previous week.

In the Exchange Traded Products segment, 2.346 million units valued at N501.051 million were traded across 5,291 deals.
Despite the surge in trading activity, the broader equities market closed lower as investors took profits following recent gains. The NGX All-Share Index declined by 1.2 per cent to 242,619.2 points, while market capitalisation fell by 1.19 per cent to N156.624 trillion.

Market breadth, however, showed some improvement. 26 equities appreciated during the week, unchanged from the previous week, while the number of declining equities eased to 59 from 63. 62 equities closed unchanged, compared with 58 in the preceding week.