Emmanuel OchayiThe Nigerian Exchange Limited (NGX) encountered a bustling week within the financial services industry, spearheading trading activities despite investors facing a loss of N90bn by the market close.
Reflecting on the week’s activities, industry players expressed varied sentiments.
“Despite the challenging landscape, the financial services sector showcased resilience,” noted an industry analyst. “Our focus remains on delivering consistent value to investors,” added a representative from a leading financial institution.
Dominance and Turnover in Key Sectors
The financial services industry took center stage, clocking 1.721 billion units of shares valued at N18.28bn, contributing to the equity turnover volume and value. Following closely, the conglomerates and services industries also demonstrated notable turnover volumes, showcasing trade activity during the period.
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“This surge in trade volumes signifies a dynamic market with opportunities across sectors,” commented an investment expert.
Market Movements and New Listings
The NGX All-Share Index recorded a modest increase of 0.27 percent, closing the week at 71,419.87. However, the market capitalization faced a 0.23 percent decline to N39.082tn due to the delisting of Union Bank of Nigeria’s entire issued share capital from the Daily Official List of NGX.
Adding to the market landscape, McNichols Consolidated Plc successfully listed additional shares following its rights issue, marking an increase in its total issued and fully paid-up shares.
Robust Trading Activity
The week saw a surge in trading activity with a 4.88 percent increase in total traded volume, reaching 2.54 billion units, coupled with an uptick of 70.50 percent in weekly traded value, totaling N38.64bn. The number of trades also witnessed growth, escalating by 8.75 percent to 36,138.
“This heightened activity underlines the market’s vibrancy and potential for investors,” remarked a market observer.
Despite investor losses, the buoyancy in the financial services sector and increased market activities paint a picture of resilience and opportunity within the Nigerian Exchange Limited.
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