Trading Volume Slumps Nearly 50% On NGX

Heavyweight sell offs in industrial and insurance counters pushed the Nigerian Exchange Limited deeper into negative territory last week, wiping billions of naira off investor portfolios and offsetting modest gains recorded across banking and oil equities, even as overall market turnover collapsed by nearly half.

The benchmark NGX All Share Index closed the week ended 22 May 2026 at 249,712.37 points, down from 250,330.92 points the previous week, representing a 0.25 per cent decline. Total market capitalisation of listed equities also depreciated by 0.23 per cent to settle at N160.077tn, reflecting substantial losses for equity holders within the five day trading window.

The bearish drift was driven largely by structural weakness in the manufacturing and retail protection segments. The NGX Industrial Goods Index dropped 1.24 per cent to close at 12,252.18 points, while the NGX Insurance Index led the broader sectoral contraction, shedding 1.77 per cent to finish at 1,245.52 points.

The banking sector, however, provided a resilient counterweight to the bearish tide, with the NGX Banking Index rising 1.11 per cent to close at 2,416.78 points. The NGX Oil and Gas Index also posted a marginal gain of 0.07 per cent, pointing to highly selective asset allocation by local institutional investors.

Market liquidity contracted sharply during the period. A total of 3.875 billion shares worth N161.76bn changed hands in 334,745 deals, compared with 7.772 billion shares valued at N374.04bn exchanged in 402,945 deals the previous week. This represents an asset turnover contraction of approximately 50 per cent.

The Financial Services Industry retained its dominance on the activity chart, accounting for 2.410 billion shares valued at N69.71bn in 126,919 deals. The banking sector alone contributed 62.19 per cent of total equity turnover volume and 43.10 per cent of total value. The Services Industry trailed with 409.31 million shares worth N5.41bn in 25,908 deals, while the Oil and Gas Industry placed third with 294.86 million shares worth N31.50bn in 26,738 deals.

Trading activity in Sterling Financial Holdings Company Plc, Fidelity Bank Plc, and Access Holdings Plc together accounted for 1.092 billion shares worth N19.53bn in 21,683 deals, contributing 28.18 per cent to total weekly equity turnover volume.

Despite the broader market slide, several counters defied the downtrend. Associated Bus Company Plc led the gainers’ chart with a 44.82 per cent appreciation to close at N9.08 per share. Publishing equities also drew strong demand, as Academy Press Plc jumped 29.79 per cent to N9.15, while University Press Plc gained 28.00 per cent to settle at N6.40 per share. International Energy Insurance Plc also climbed 22.22 per cent to close at N3.41.

On the flip side, Sovereign Trust Insurance Plc topped the decliners’ chart, shedding 22.45 per cent to close at N2.28 per share. Trans Nationwide Express Plc dropped 18.98 per cent to N5.72, CAP Plc fell 14.85 per cent to N199.00, and Berger Paints Plc declined 12.64 per cent to close at N147.60.

The fixed income segment saw notable regulatory activity as the Federal Government listed its April 2026 FGN Savings Bonds on the daily official list on Monday, 18 May. The listings comprised N864.96m under the two year tenor maturing in 2028 at a 13.082 per cent coupon and N2.77bn under the three year tenor maturing in 2029 at a 14.082 per cent coupon.

Equity capital on the Exchange also expanded following the listing of 882.06 million additional ordinary shares of Eterna Plc on Wednesday, 20 May. The additional shares arose from the oil marketer’s recent Rights Issue of 978.11 million ordinary shares of 50 kobo each at N22.00 per share, which recorded a 90.18 per cent subscription rate. With the new listing, Eterna Plc’s total issued and fully paid up share capital has expanded from 1.30 billion to 2.19 billion ordinary shares, deepening trading volume within the energy segment of the local bourse.