The Nigerian Stock Exchange (NGX) witnessed a significant uptick in trading activity on Tuesday, November 11, with share volumes surging 80% from the previous session, even as the number of deals declined.
A total of 655,945,124 shares changed hands across 29,540 deals, representing a combined market value of NGN 29.39 billion. While trading volume jumped 80% from Monday’s session and turnover value surged by an impressive 159%, the number of deals fell by 9%.
The NGX’s current market capitalisation stands at NGN 90.8 trillion.
Of the 130 listed equities that participated in trading, the session produced a heavily negative tilt, with 61 stocks posting losses compared to just four gainers.
NCR Nigeria emerged as the day’s top performer, recording a 9.82% share price appreciation to close at NGN 21.25 per share. Other gainers included Berger Paints, which rose 2.56%; FCMB Group, with a 0.96% gain; and AXA Mansard Insurance, up 0.25%.
The losing side was dominated by some of Nigeria’s largest companies, with several hitting the maximum 10% daily loss limit.
Dangote Cement led the decliners with a 10% price depreciation, closing at NGN 594.00 per share. The cement giant was joined at the bottom by MTN Nigeria, BUA Cement, and Transcorp Nigeria, all of which also shed 10% of their value.
First HoldCo dominated trading volume with 68.3 million shares exchanged, representing the highest activity for any single stock. Access Holdings followed with 56.3 million shares traded, while Zenith Bank recorded 41.9 million shares and Fidelity Bank saw 38.5 million shares change hands.
The sharp increase in trading volume and turnover value, coupled with the concentration of activity in major banking and holding company stocks, suggests heightened institutional interest despite the broadly negative market sentiment that pushed the majority of traded equities into negative territory.
