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By Chukwuma Umeorah
Investors exchanged 2.74 billion shares valued at N85.20 billion in 127,284 deals on the Nigerian Exchange Limited (NGX) during the week ended September 19, 2025. The figure marked a decline from the previous week’s 3.19 billion shares worth N99.69 billion across 132,711 deals, reflecting reduced market activity with total transactions dropping by 4.1 per cent.
Market watchers attributed the slowdown to investor caution, noting that participants were awaiting stronger policy direction and corporate earnings guidance. The Financial Services Industry dominated the week’s turnover, accounting for 1.91 billion shares valued at N37.83 billion in 56,026 deals, representing 69.79 per cent of total volume and 44.41 per cent of value. The ICT sector followed with 184.87 million shares worth N6.19 billion in 12,893 deals, while the Services sector recorded 176.51 million shares valued at N813.25 million in 6,011 deals.
Trading was concentrated in a few high-volume counters. Abbey Mortgage Bank Plc, Fidelity Bank Plc, and United Bank for Africa Plc were the most active stocks, contributing 875.82 million shares worth N16.42 billion in 11,389 deals. This represented 32.02 per cent of the total equity turnover volume and 19.27 per cent of value.
Daily transactions showed mixed patterns. September 17 posted the highest volume at 1.00 billion shares worth N24.65 billion in 23,272 deals, while September 18 recorded the lowest with 325.10 million shares valued at N8.41 billion in 22,770 deals. The week closed on September 19 with 435.18 million shares worth N15.10 billion traded in 24,293 deals, with only 11 advancers against 43 decliners.
Despite the lower turnover, the NGX All-Share Index (ASI) rose by 0.92 per cent to close at 141,845.35 points, while market capitalisation gained N822.25 billion to N89.74 trillion. Year-to-date return stood at 37.81 per cent.
Most sectoral indices closed in positive territory. The NGX Main Board Index advanced 2.03 per cent to 6,969.49, NGX 30 Index gained 0.91 per cent to 5,167.08, and NGX Consumer Goods Index rose 5.48 per cent to 3,358.16. However, banking and insurance counters dragged, as the NGX Banking Index fell 2.57 per cent to 1,491.31 and NGX Insurance Index declined 4.67 per cent to 1,249.11. Cowry Research in its weekly report linked the banking sector’s weakness to profit-taking on half-year results from tier-1 lenders.
Market breadth closed negative as 40 equities appreciated compared to 70 in the prior week, while 41 stocks declined against 22 previously. Sixty-six remained unchanged. Guinness Nigeria Plc led the gainers, rising 28.60 per cent to N183.90 per share, followed by Multiverse Mining and Exploration Plc (21.30 per cent) and Eunisell Interlinked Plc (20.28 per cent). On the flip side, Omatek Ventures Plc shed 18.18 per cent to close at N1.08, while Cornerstone Insurance Plc dropped 15.42 per cent to N6.20.
Corporate actions during the week included Learn Africa Plc trading ex-dividend on September 15 at N7.25 following a N0.35 dividend, and N. Nig Flour Mills Plc going ex-dividend on September 18 at N93.65 after a N0.25 payout. NGX also listed two new futures contracts—NGX30H6 and NGXPENSIONH6—both expiring March 20, 2026.
For the trading week ahead, Cowry Research expects investors to “trade cautiously but positively as they await the outcome of the MPC meeting next week,” adding that the NGX ASI continues to show a bullish pattern with potential for further gains amid moderating inflation.
