NGX weekly turnover plunges 47% to N134.49bn

Trading on the Nigerian Exchange Limited experienced a significant downturn last week, with total turnover dropping by 47.18% to N134.49 billion. This sharp decline reflects heightened investor caution amidst persistent macroeconomic challenges.

The volume of shares traded also decreased, with investors transacting 2.324 billion shares in 249,328 deals, down from 3.075 billion shares in the previous week. Despite the overall market contraction, the Financial Services Industry continued to lead in liquidity, accounting for 65.53% of the total equity turnover volume and 35.35% of the value. The Information and Communications Technology and Consumer Goods Industries followed in second and third place, respectively.

Trading in the top three equities, Access Holdings Plc, Fidelity Bank Plc, and Chams Holding Company Plc, represented a substantial portion of the market activity, contributing 20.90% to the total volume and 5.69% to the total value. This concentration highlights the significant impact of a few large stocks on the overall market performance.

The benchmark NGX All-Share Index and Market Capitalisation both depreciated, closing the week lower at 232,049.02 points and N148.905 trillion, respectively. Sectoral indices also showed widespread declines, with the Oil/Gas and Industrial Goods indices experiencing the most significant drops. However, the Banking Index saw a notable increase of 3.51%, and the AFR Dividend Yield Index rose by 9.93%, indicating pockets of buying interest.