NGX turnover hits N158.29bn ahead of Q3 results

Stories by Chukwuma Umeorah

Investors traded shares worth N158.29 billion on the Nigerian Exchange Limited (NGX) last week as market participants repositioned their portfolios ahead of third-quarter corporate earnings releases, despite a 0.97 per cent decline in the All-Share Index (ASI).

The turnover represented an increase of N3.27 billion, or 2.11 per cent, from the N155.02 billion recorded in the preceding week, indicating higher transaction value amid a decline in the volume of shares traded. The market recorded 2.715 billion shares exchanged in 209,986 deals during the week, compared with 3.166 billion shares traded in 206,662 deals in the previous week. While trading volume fell by 14.25 per cent, the number of deals increased by 1.61 per cent, suggesting that investors executed more transactions with a lower aggregate volume of shares.

However, the increase in turnover value was not enough to prevent a decline in the broader market, as investors continued to take profits from previous gains. The NGX ASI shed 0.97 per cent week-on-week to close at 248,363.55 points, while market capitalisation settled at N161.26 trillion. Despite the weekly decline, the benchmark index retained a year-to-date gain of 59.60 per cent, reflecting the substantial appreciation recorded in equities since the beginning of 2026.

The market also recorded four consecutive sessions of losses before closing Friday’s trading on a positive note, offering some recovery from the preceding sessions’ declines.

Research Analyst at CSL Stockbrokers Limited, Mobifoluwa Adesina, attributed the week’s performance partly to profit-taking following the market’s gains in September, while expressing expectations of renewed buying interest ahead of third-quarter earnings announcements.

“The market witnessed some profit-taking during the week as investors locked in gains from September. However, we expect buying interest to continue as investors begin positioning ahead of third-quarter earnings releases across the broader market and half-year financial results from banks yet to report.”

The Financial Services Industry dominated trading activity during the week, accounting for 2.005 billion shares valued at N82.924 billion in 94,483 deals. The sector contributed 73.84 per cent of total equity turnover volume and 52.39 per cent of turnover value. The Consumer Goods Industry followed with 152.345 million shares worth N11.425 billion exchanged in 20,926 deals, while the Information and Communications Technology (ICT) Industry recorded 117.296 million shares valued at N15.256 billion in 22,556 deals.

The concentration of trading activity in financial services was also reflected in the performance of the most actively traded equities, with Access Holdings Plc, Zenith Bank Plc and United Bank for Africa Plc leading the market by volume. The three banking stocks accounted for a combined 1.020 billion shares valued at N50.520 billion in 29,382 deals. Their transactions represented 37.56 per cent of total equity turnover volume and 31.92 per cent of turnover value during the week.

Market breadth weakened as declining stocks outnumbered gainers, reflecting the selling pressure that characterised much of the trading period. A total of 24 equities appreciated in price, down from 44 in the preceding week, while 54 equities declined, compared with 37 previously. Another 68 equities closed unchanged.

Livestock Feeds Plc led the gainers with a 47.75 per cent appreciation, followed by Tripple Gee and Company Plc, which rose by 32.62 per cent, and Guinea Insurance Plc, which gained 29.17 per cent. Learn Africa Plc appreciated by 19.61 per cent, while Multi-Trex Integrated Foods Plc advanced by 16.67 per cent, rounding off the five best-performing equities during the week. Sectoral performance was largely negative, although the NGX Industrial Goods Index recorded a marginal gain of 0.02 per cent. The broader weakness came despite the market’s substantial year-to-date returns and the continued interest in selected stocks. On a year-to-date basis, the NGX Oil and Gas Index remained one of the best-performing sectoral indices, with a gain of 124.92 per cent. The NGX Premium Index advanced by 102.66 per cent, while the NGX Industrial Goods Index rose by 83.96 per cent.

Activity also increased in the Exchange-Traded Products (ETPs) segment, where transaction value rose by 81.16 per cent to N687.314 million from N379.449 million in the previous week. Units traded in the segment increased to 1.831 million from 1.684 million, while the number of deals rose to 5,413 from 4,327. The figures reflected an increase in both the value and frequency of transactions in ETPs during the period.

Trading in the bond market also improved, with 144,034 units valued at N146.416 million exchanged, compared with 81,063 units worth N85.606 million in the preceding week. The value of bond transactions increased by 71.03 per cent, while the number of deals remained unchanged at 48, indicating that the higher turnover was recorded without an increase in the number of transactions.

The Exchange also admitted new securities during the week, including Federal Government of Nigeria Savings Bonds issued in September 2026 and a supplementary listing of 6.307 billion ordinary shares of Guinea Insurance Plc. The supplementary listing increased the number of Guinea Insurance shares available on the Exchange, while the inclusion of the Federal Government savings instruments added to the securities admitted for trading during the period.

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