Market Movements: Analyzing the NGX’s Performance Amid Naira Fluctuations

Last week, the Nigerian Exchange Limited (NGX) experienced a 1.36% drop due to the depreciation of the Naira, affecting 41 listed equities. The All-Share Index fell to 98,233.76 points, and the market capitalization decreased by 1.35% to close at N55.56 trillion.

Leading the decline were PZ Cussons, Mcnichols, and Secure Electronic Technology, with losses of 26.97%, 20.18%, and 16.95%, respectively. Conversely, Tantalizers, FTN Cocoa Processors, and Presco were the top gainers, with increases of 27.78%, 20%, and 15.31%.

Trading volume reached 2.187 billion shares worth N50.667 billion across 45,277 deals, surpassing the previous week’s 1.941 billion shares valued at N32.644 billion in 35,807 transactions.

The financial services sector was the most active, trading 1.428 billion shares valued at N28.85 billion in 24,418 deals, contributing 65.29% and 56.94% to the total equity turnover volume and value. The consumer goods industry followed with 385.661 million shares worth N9.92 billion in 5,826 deals, and the conglomerates industry ranked third with 133.697 million shares valued at N1.715 billion in 3,271 deals.

The most traded stocks were United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc, accounting for 46.63% and 46.64% of the total equity turnover volume and value, respectively.

The Naira’s depreciation continued, with the exchange rate reaching N1466.31 per dollar at the official foreign exchange market by the end of the week.

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