October 25, (THEWILL) – The Nigerian Exchange Limited (NGX) closed the trading week on a negative note, as the All-Share Index (ASI) and market capitalisation declined by 0.13 percent to close at 247,222.27 points and N160.519 trillion, respectively. The decline came amid increased trading activity, with investors exchanging 2.024 billion shares valued at N110.773 billion during the week.
The total turnover represented an increase from the 1.659 billion shares worth N98.088 billion traded in the preceding week. In volume terms, transactions rose by approximately 22.02 percent, while the value of shares traded increased by about 12.93 percent, indicating stronger market activity despite the marginal decline in the benchmark index.
The performance suggests that the increase in trading activity was not sufficient to sustain an overall positive market direction. Although some equities recorded notable price gains, the broader market remained under pressure, with more stocks declining than appreciating during the week.
Twenty equities appreciated in price, significantly lower than the 50 recorded in the previous week. Meanwhile, 55 equities depreciated, compared with 30 in the preceding week, while 71 equities remained unchanged, up from 66 previously. The figures indicate a deterioration in market breadth, as declining stocks outnumbered advancing equities by 35.
The Financial Services Industry led the activity chart by volume, with 1.111 billion shares valued at N53.908 billion traded during the week. The sector accounted for 54.89 percent of total equity turnover volume and 48.66 percent of total equity turnover value, reinforcing its dominant position in trading activity on the Exchange.
The Consumer Goods Industry followed, recording 394.039 million shares worth N9.811 billion. The Agriculture Industry ranked third, with 147.170 million shares valued at N2.821 billion traded during the period.
Trading in the three most active equities by volume—Multitrex Integrated Foods Plc, Zenith Bank Plc and Livestock Feeds Plc—accounted for 521.565 million shares valued at N19.093 billion. Their combined transactions represented 25.76 percent of total equity turnover volume and 17.24 percent of turnover value, demonstrating the substantial contribution of these stocks to overall market activity.
Despite the increased turnover, the broader index performance remained weak. The decline in the ASI and market capitalisation, alongside the rise in the number of declining equities, indicates that the week’s activity did not translate into widespread price appreciation.
Performance across the Exchange’s indices was similarly subdued, as all other indices finished lower, with the exception of the NGX Consumer Goods, NGX Premium, NGX Industrial Goods, NGX Growth and NGX Pension Broad indices. These indices appreciated by 0.04 percent, 0.80 percent, 1.95 percent, 0.04 percent and 0.03 percent, respectively. The NGX Sovereign Bond Index closed flat.
The NGX Industrial Goods Index recorded the strongest gain among the indices that advanced, rising by 1.95 percent. The NGX Premium Index followed with an increase of 0.80 percent. However, the positive performances of these indices were insufficient to offset the broader market’s decline.
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Top Gainers
- ABC Transport Plc appreciated by 20.66 percent (N6.05 to N7.30).
- Ava Capital Plc gained 17.74 percent (N6.20 to N7.30).
- Caverton Offshore Support Group Plc rose by 17.74 percent (N4.10 to N4.80).
- Fidelity Bank Plc advanced by 14.01 percent (N21.05 to N24.00).
- Multi-Trex Integrated Foods Plc gained 10.00 percent (N0.60 to N0.66).
Top Decliners
- UPDC Real Estate Investment Trust fell by 17.26 percent (N21.15 to N17.50).
- OmaTek Ventures Plc declined by 12.50 percent (N1.60 to N1.40).
- University Press Plc shed 12.12 percent (N4.95 to N4.35).
- Regency Alliance Insurance Plc lost 11.25 percent (N0.80 to N0.71).
- Nigerian Exchange Group Plc declined by 10.29 percent (N170.00 to N152.50).
Activity in the bond market also weakened considerably during the week. A total of 234,682 units valued at N226.306 million were traded, compared with 2.643 million units worth N2.641 billion in the previous week. This represented a substantial reduction in both trading volume and value, indicating lower activity in the segment during the period.
Looking ahead, market direction may depend on investors’ responses to prevailing price levels, corporate developments and the relative attractiveness of equities across sectors.
The increase in equity turnover suggests continued participation in the market, but the deterioration in breadth highlights the need for sustained buying interest beyond a limited number of stocks.
Investors may continue to assess individual company fundamentals and sector performance while monitoring whether the market can regain positive momentum. The next trading week will provide further indications of whether the recent increase in activity can support a broader recovery or whether selling pressure will continue to weigh on market performance.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
