Investors on the Nigerian Exchange (NGX) gained nearly N1 trillion in market value as equities advanced on September 16, supported by stronger trading activity and renewed demand for selected stocks.
Equity market capitalisation climbed to N158.715 trillion, up by approximately N967.72 billion from the N157.747 trillion recorded on September 14.
The NGX All-Share Index (ASI) rose by 1,492.55 points, or approximately 0.61 percent from 243,299.24 points to 244,791.79 points.
The advance was accompanied by a significant improvement in market activity that strengthened the quality of the session’s gain compared with the previous trading data.
Investors exchanged 662.43 million shares valued at N37.45 billion in 63,271 deals, compared with 428.97 million shares worth N20.52 billion across 54,592 deals on September 14.
This represents an approximately 54.4 percent increase in trading volume, while transaction value jumped by about 82.5 percent. The number of deals increased by approximately 15.9 percent.
| Market Indicator | September 14 | September 16 | Change |
|---|---|---|---|
| ASI | 243,299.24 | 244,791.79 | +0.61% |
| Equity Capitalisation | N157.747tn | N158.715tn | +N967.72bn |
| Deals | 54,592 | 63,271 | +15.9% |
| Volume | 428.97m | 662.43m | +54.4% |
| Value | N20.52bn | N37.45bn | +82.5% |
The simultaneous increase in the index, market capitalisation, turnover and number of transactions suggests that the September 16 advance was accompanied by stronger participation rather than merely an index movement driven by thin trading.
However, activity remained concentrated in financial stocks.
Sterling Financial Holdings Plc was the most actively traded stock, accounting for 142.04 million shares worth N1.07 billion.
AIICO Insurance followed with 73.63 million shares valued at N274.42 million, while Fidelity Bank recorded 43.33 million shares worth N873.38 million.
GTCO traded 40.55 million shares valued at N5.27 billion, making it the largest stock by transaction value among the five most active equities supplied. Zenith Bank followed with 34.87 million shares worth N4.47 billion.
Sterling Financial, Fidelity Bank, GTCO and Zenith Bank collectively accounted for approximately 260.78 million shares, equivalent to about 39.4 percent of the entire market’s 662.43 million-share turnover.
Their combined transaction value stood at approximately N11.69 billion, representing about 31.2 percent of the N37.45 billion traded across the equity market.
The concentration indicates that banking stocks remained a major liquidity engine for the market even as overall participation improved.
Price movements were mixed despite the rise in the benchmark index.
Among the equities supplied, Sovereign Trust Insurance led gainers after appreciating 9.69 percent from N1.96 to N2.15.
Champion Breweries gained 9.50 percent to N10.95, Livestock Feeds advanced 9.42 percent to N7.55, while Learn Africa appreciated 9.09 percent to N8.40.
The 14.41 percent increase recorded by FGSUK2032S7 was higher than the equity gainers but relates to a government security and therefore should not be treated as the leading ordinary equity gainer.
On the negative side, IMG declined 9.93 percent from N30.70 to N27.65 to lead the equity losers supplied for the session.
John Holt dropped another 9.88 percent to N7.30, LivingTrust Mortgage Bank declined 9.84 percent to N2.84, Fidson Healthcare lost 9.19 percent to N72.65, while Royal Exchange fell 9.00 percent to N0.91.
John Holt’s decline is particularly notable because the stock had already fallen 10 percent on September 14, when it dropped from N9.00 to N8.10. Its September 16 close of N7.30 therefore extended the selling pressure seen in the previous data.
The contrasting price movements show that the nearly N1 trillion expansion in market capitalisation did not eliminate selling pressure across the Exchange. Instead, investors continued to differentiate between stocks, accumulating selected counters while reducing exposure elsewhere.
The September 16 session nevertheless represented a stronger market showing than September 14. Unlike the earlier session, when the index gained just 0.10 percent while trading volume and value declined, the latest advance came alongside sizeable increases in turnover, transaction value and deal count.
That combination points to improved participation behind the market’s advance, although the continued concentration of liquidity in financial stocks suggests that the strength of the recovery still depended heavily on a relatively narrow group of actively traded counters.