Trading Volume Surges As Stock Market Dips 0.06% In Quiet Sell-off

Despite a 0.06 per cent decline in the benchmark All-Share Index, market activity on the Nigerian Exchange improved yesterday, with investors trading more actively.

The increase in transaction volume and value suggests heightened bargain-hunting and profit-taking by investors positioning for the week.

The total volume traded declined by 59.3 per cent to 875.28 million units, valued at N40.88 billion, and exchanged in 53,887 deals. Transactions in Access Holdings shares topped the activity chart, with 440.653 million shares valued at N13.229 billion. CMFC followed with 57.779 million shares worth N235 million, while United Bank for Africa (UBA) traded 45.441 million shares valued at N2.046 billion.

Fidelity Bank traded 34.252 million shares valued at N780.899 million, while Chams Holding Company transacted 25.797 million shares worth N85.119 million.

Meanwhile, the local equities market opened the week on a bearish note, as losses in Nestle Nigeria, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA) and Transnational Corporation (Transcorp) caused the All-Share Index to close lower by 0.06 per cent to 250,667.86 points.

Similarly, the overall market capitalisation shed N91 billion to close at N162.752 trillion.

Market sentiment remained bearish, with 30 stocks recording losses compared with 24 gainers. Sovereign Trust Insurance recorded the highest price gain of 10 per cent to close at N2.31 per share. FTN Cocoa Processors followed with a gain of 9.97 per cent to close at N8.38, while Tripple Gee & Company was up by 9.87 per cent to close at N2.56 per share.

Learn Africa appreciated by 9.80 per cent to close at N8.40, while Livestock Feeds rose by 9.55 per cent to close at N9.75 per share.

On the other hand, Critical Minerals Financing Corporation (CMFC) led the losers’ chart by 9.80 per cent to close at N4.05, per share. ABC Transport followed with a decline of 9.46 per cent to close at N6.70, while Africa Prudential dipped by 7.31 per cent to close at N10.15 per share.

Japaul Gold & Ventures went down by 6.94 per cent to close at N2.68, while Wapic Insurance declined by 6.36 per cent to close at N2.21 per share.

On the market outlook for this week, United Capital Plc said, “the Nigerian equities market will focus on corporate earnings, investor positioning and liquidity conditions this week following the recent market pullback.

“The lower MPR and improved naira stability should continue supporting investor interest in equities. Meanwhile, the Dangote Refinery IPO remains a key liquidity consideration as investors balance participation in the offer against secondary-market opportunities.”

The firm added that “foreign investor activity following Nigeria’s return to FTSE Russell’s Frontier Market status will also remain important for market direction. Given the market’s strong year-to-date gain, profit-taking could persist, keeping stock selection and corporate earnings in focus.”