The Nigerian Exchange (NGX) rebounded strongly in the week ended September 18 as renewed buying lifted the All-Share Index by 2.78 percent and pushed market capitalisation to N162.157 trillion.
The NGX All-Share Index gained 6,751.82 points to close at 249,804.56 points, up from 243,052.74 points at the beginning of the week.
The recovery was accompanied by a significant improvement in market breadth with 52 equities appreciating in price, compared with only nine gainers in the previous week.
The number of declining stocks dropped to 32 from 80, while 63 equities closed unchanged, compared with 58 in the preceding week.
The shift marked a sharp reversal from the previous week’s broad selloff and showed that the recovery extended across a wider section of the equities market.
Market activity also strengthened considerably in value terms.
Investors traded 3.249 billion shares worth N237.986 billion in 287,919 deals, compared with 3.647 billion shares valued at N130.151 billion in 244,777 deals in the previous week.
While trading volume declined by approximately 10.9 percent, transaction value surged about 82.9 percent, while the number of deals increased 17.6 percent.
The divergence between volume and value showed that significantly more capital changed hands despite fewer shares being traded.
The final trading session of the week accounted for a substantial portion of turnover. On September 18, investors exchanged 525.99 million shares worth N96.89 billion, representing approximately 40.7 percent of the entire week’s transaction value.
Financial Services remained the dominant sector by volume, accounting for 2.581 billion shares worth N97.212 billion in 138,900 deals.
The sector contributed 79.43 percent of total equity volume but 40.85 percent of transaction value, highlighting the continued concentration of share turnover in financial stocks.
Fidelity Bank Plc, Sterling Financial Holdings Company Plc and Mutual Benefits Assurance Plc were the three most actively traded equities by volume.
Together, they accounted for 1.229 billion shares worth N15.942 billion in 7,796 deals, representing 37.83 percent of total market volume but only 6.70 percent of transaction value.
The Services Industry followed Financial Services with 131.10 million shares valued at N2.73 billion, while the ICT Industry recorded 114.62 million shares worth N21.54 billion.
The recovery was also broad across the NGX’s major market indices.
The NGX Premium Index gained 5.06 percent, outperforming the broader market, while the Consumer Goods Index advanced 4.87 percent and the Banking Index climbed 4.43 percent.
The Insurance Index rose 3.79 percent, Oil/Gas gained 3.71 percent, Industrial Goods advanced 3.12 percent and the NGX 30 Index increased 2.86 percent.
The NGX Growth Index was the only reported index to decline during the week, slipping 0.14 percent.
Among individual securities, UPDC Real Estate Investment Trust recorded a 34.91 percent weekly increase, rising from N13.75 to N18.55. As a REIT, it represents a different class of listed security from ordinary company equities.
Among company equities, Sovereign Trust Insurance Plc advanced 30.95 percent from N1.68 to N2.20, while Mutual Benefits Assurance gained 22.03 percent to N3.60.
Nigerian Exchange Group Plc climbed 21.55 percent from N148.00 to N179.90, while First HoldCo Plc advanced 17.65 percent to N160.00.
McNichols Consolidated gained 16.85 percent, Livestock Feeds rose 16.79 percent, Fortis Global Insurance appreciated 13.79 percent and Consolidated Hallmark Holdings advanced 13.38 percent.
Despite the broader recovery, selling pressure remained pronounced in several stocks.
Transcorp Power Plc recorded the largest weekly equity decline, falling 18.94 percent from N219.60 to N178.00.
John Holt Plc dropped 18.89 percent, Ellah Lakes declined 18.14 percent and LivingTrust Mortgage Bank fell 17.46 percent.
Omatek Ventures lost 12.41 percent, PZ Cussons Nigeria declined 11.33 percent, while Learn Africa fell 11.11 percent.
The week’s increase in aggregate market capitalisation also coincided with additional shares being admitted to the Exchange.
Abbey Bank Plc listed 26.563 billion additional ordinary shares at N2.43 per share following the completion of its private placement, increasing its issued and fully paid-up shares from 10.154 billion to 36.716 billion.
Critical Minerals Financing Corporation Plc also listed 1.069 billion additional shares at N1.69 each following the conversion of N1.807 billion in debt to equity.
The supplementary listings mean that the increase in aggregate market capitalisation during the week reflected both higher equity prices and an expansion in the number of shares listed on the Exchange.
Activity outside the equities market was mixed.
Exchange-traded product volume declined to 1.844 million units from 2.259 million units, although transaction value increased to N504.23 million from N451.25 million.
Bond activity weakened with 108,943 units worth N112.77 million traded in 38 deals, compared with 115,145 units valued at N123.33 million in 50 deals in the preceding week.
Overall, the week marked a sharp change in market direction following the previous week’s selloff. The increase from nine to 52 gainers, combined with advances across virtually all major NGX indices and an 82.9 percent surge in transaction value, showed a considerably broader recovery in investor activity even as aggregate share volume declined.
