Nigeria’s stock market recorded a sharp drop in activity as turnover and market value fell over the latest trading week, according to data from the Nigerian Exchange Limited (NGX).
The NGX said 2.66 billion shares worth N106.26 billion changed hands in 107,998 deals, a steep decline from the previous week when 7.32 billion shares valued at N156.42 billion were traded in 134,383 deals. The figures represent a 32.06 percent fall in turnover over the five-day period.
Market capitalisation slipped to N91.41 trillion from N93.50 trillion a week earlier, pushed lower by a 2.24 percent drop in the All-Share Index, which retreated from 147,013.59 to 143,722.62.
The financial services sector dominated activity, accounting for 1.82 billion shares worth N44.80 billion in 45,297 deals. The NGX said the sector contributed 68.21 percent of total trading volume and 42.16 percent of total value.
The services industry followed swiftly with 324.19 million shares traded in 8,018 deals, worth N1.76 billion. The oil and gas industry was ranked third, with a turnover of 143.18 million shares worth N37.74 billion in 7,788 deals.
The bourse said Access Holdings Plc, Tantalizers Plc, and Zenith Bank Plc were the top three traded stocks by volume. The three companies, according to the exchange’s data, accounted for 1.05 billion shares, worth N24.65 billion in 13,924 deals. Together, NGX said they contributed 39.63 percent and 23.2 percent to the total equity turnover volume and value, respectively.
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