Trading value on the Nigerian Exchange (NGX) dropped by 44.7% to N47.48 billion on Monday despite a 42.8% increase in the number of deals executed during the session.
Investors traded 517.26 million shares worth N47.48 billion across 54,015 deals on November 2, compared with 997.56 million shares valued at N85.81 billion in 37,830 deals in the previous trading session.
This represents a 48.1% decline in trading volume and a 44.7% drop in value, while the number of deals increased by 42.8%.
The increase in deals despite the sharp decline in turnover showed that Monday recorded more transactions but at a significantly lower average size than Friday when trading activity was unusually heavy.
Honeywell Flour Mills led trading by volume with 74.19 million shares worth N1.79 billion, followed by Access Holdings with 41.60 million shares valued at N1.17 billion.
Guaranty Trust Holding Company recorded 41.07 million shares worth N4.80 billion, Fidelity Bank traded 29.17 million shares valued at N672.99 million, while Consolidated Hallmark Holdings accounted for 28.50 million shares worth N202.32 million.
The decline in turnover came as the broader equities market closed almost unchanged with the NGX All-Share Index slipping 0.02% to 254,245.21 points from 254,299.49 points in the previous session.
Equity market capitalisation also stood at N165.079 trillion.
Despite the marginal movement in the benchmark index, several stocks recorded substantial price changes.
SUNU Assurance and Champion Breweries declined by 10% each to N2.70 and N8.10, respectively.
Aradel Holdings dropped 9.99% from N1,439.90 to N1,296, while Vitafoam declined 9.97% to N157.20 and Cornerstone Insurance fell 9.89% to N4.10.
On the gainers’ chart, Consolidated Hallmark Holdings appreciated by 10% to N7.15, while Livestock Feeds gained 9.77% to N14.60.
AXA Mansard Insurance rose 9.30% to N11.75, UPDC advanced 7.46% to N3.60 and NPF Microfinance Bank gained 7.14% to N4.50.
The November 2 session therefore opened the new trading week with substantially lower turnover than Friday even as the number of executed deals increased sharply and the benchmark index remained largely unchanged.
