Emmanuel OchayiIn a week of turbulent market activity, equity investors in Nigeria faced a challenging landscape, with a net loss of N30.379 billion in 38,536 deals, trading 3.911 billion shares, according to data released by the Nigerian Exchange Limited (NGX).
This marked a decline from the previous week, where N47.449 billion worth of shares were traded in 44,654 deals for 2.933 billion shares. Despite the overall downturn, the market did reveal some bright spots and sectors that outperformed the rest.
Leading Performers by Sector
The Financial Services Industry emerged as the top-performing sector in terms of volume, with investors trading 2.774 billion shares valued at N15.241 billion in 16,379 deals. Following closely was the Oil and Gas Industry, with 438.508 million shares exchanged in 6,258 deals, worth N5.203 billion. The ICT Industry secured the third spot, recording 294.470 million shares traded in 3,078 deals, with a total value of N4.447 billion.
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Top Three Equities
Universal Insurance Plc, Oando Plc, and United Bank for Africa Plc took the lead as the top three equities for the week, accounting for 56.56% of the total equity turnover volume and 29.32% of the value. Investors traded 2.212 billion shares of these companies, with a total worth of N8.907 billion in 7,593 deals.
Gainers and Losers
Among the top gainers of the week were Sunu Assurance, Ellah Lake, E-Tranzact, Chams, and Abbey Mortgage Bank. Sunu Assurance’s stock gained N0.26 kobo, closing the week at N1.05 per share, while Ellah Lake’s share rose by N0.95 kobo to N4.25 per share. E-Tranzact saw a notable increase of N2.10 kobo, ending the week at N9.45 kobo per share. Chams and Abbey Mortgage Bank also witnessed gains in their share values.
On the flip side, Tantalizer, Guinea Insurance, McNichols, Unity Bank, and Secure Electronic Technology experienced losses during the week. Tantalizer’s share price declined by 21.05%, settling at N0.30 kobo, while Guinea Insurance’s share lost 20.69%, closing at N0.23 kobo per share.
McNichols reported a loss of N0.10 kobo, dropping to N0.65 kobo per share, and Unity Bank’s share price decreased to N2.55 kobo, losing N0.28 kobo. Secure Electronic Technology’s share also fell by 10.34%.
However, while the Nigerian stock market faced challenges, some sectors and specific equities managed to shine, offering investors opportunities amid the market’s fluctuations.
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