Trading on the Nigerian Exchange (NGX) closed higher on Wednesday, September 16, as increased activity in banking, insurance and other financial services stocks lifted the market’s capitalisation by approximately N315.9 billion.
The NGX All-Share Index (ASI) rose by 0.20 per cent to 244,791.79 points, from 244,304.51 points in the previous session, while total market capitalisation increased to N158.7 trillion, compared with N158.4 trillion on Tuesday.
The market recorded 662.35 million shares traded in 63,167 deals, representing a 27.22 per cent increase in volume from the 520.65 million shares traded in the preceding session.
Despite the higher volume, the number of deals declined by 12.24 per cent from 71,977 transactions recorded on Tuesday.
Financial stocks dominate activity
Financial services stocks accounted for the largest share of market activity, with about 422 million shares traded in 20,251 deals.
Sterling Financial Holdings led activity among banking stocks, recording transactions involving 142.04 million shares. Fidelity Bank followed with 43.33 million shares, while GTCO recorded 40.55 million shares.
Zenith Bank and Access Holdings also featured prominently, with 34.87 million and 26.56 million shares traded respectively.
The insurance segment also recorded substantial activity. AIICO Insurance led the sector with 73.63 million shares traded, followed by Veritas Kapital Assurance with 10.61 million shares, International Energy Insurance with 7.75 million shares and Regency Alliance Insurance with 5.77 million shares.
Among other financial stocks, Nigerian Exchange Group recorded 23.41 million shares, while FCMB Group posted 13.23 million shares.
MTN Nigeria recorded 5.05 million shares in turnover, while Airtel Africa traded 502,105 shares.
Sovereign Trust Insurance leads gainers
Sovereign Trust Insurance recorded the strongest gain among the stocks highlighted, rising 9.69 per cent to N2.15 from N1.96.
Champion Breweries gained 9.50 per cent to close at N10.95, while Livestock Feeds rose 9.42 per cent to N7.55. Learn Africa advanced 9.09 per cent to N8.40, while Mbenefit appreciated 8.93 per cent to N3.05.
Prestige Assurance also recorded a gain of 9.56 per cent during the session.
On the other side of the market, IMG fell 9.93 per cent to N27.65, John Holt declined 9.88 per cent to N7.30, while LivingTrust Mortgage Bank dropped 9.84 per cent to N2.84.
Fidson Healthcare shed 9.19 per cent to close at N72.65, while Royal Exchange declined nine per cent to N0.91.
Sector indices mixed
The NGX Premium Index advanced to 30,347.39 points from 30,275.09 points, while the NGX Banking Index edged higher to 2,553.08 points.
The NGX Consumer Goods Index also recorded an increase, closing at 4,114.30 points.
The NGX Growth Index, however, declined to 26,533.97 points from 26,725.57 points in the previous session.
Trading on the exchange-traded funds segment also produced notable movements, with Mergrowth ETF rising 9.81 per cent to N117.50 and Siaml ETF 40 gaining 9.59 per cent to N2,400.
Activity in the debt segment remained limited, although the FGS202884 bond recorded a 25 per cent increase to close at N100.
Market capitalisation rises during the week
The latest gain extended the market’s positive movement during the week.
Market capitalisation increased from N157.15 trillion on September 10 to N158.71 trillion on September 16, while the All-Share Index continued to trade around the 244,000-point level.
The session’s performance reflected sustained trading activity across financial services and selected equities, with insurance and banking stocks accounting for a significant proportion of the day’s turnover.
