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The Nigerian Exchange did not break any records last week, but it did send a message.
Investors traded 3.695 billion shares worth N177.687 billion (about $127.9 million) across 370,980 deals in the week ended March 7, a step down from the 5.494 billion shares valued at N196.709 billion ($141.6 million) that changed hands in 370,233 deals a week earlier. The headline numbers looked softer. The underlying story was more interesting.
Two new listings gave the market a lift it needed. Fidson Healthcare Plc added 105,003,725 ordinary shares to the exchange's daily official list, the result of the pharmaceutical company's employee share scheme. The move pushed Fidson's total issued and fully paid-up capital from about 2.295 billion to a clean 2.4 billion ordinary shares. It was not a fundraise in the traditional sense, but it signaled something important: a company confident enough in its trajectory to hand equity to the people running it.
The second listing carried even more weight in naira terms. Chapel Hill Denham Management Limited listed 68,158,000 units of its Series 5 Nigeria Real Estate Investment Trust at N103 (about $0.07) per unit, as part of a broader N400 billion ($287.9 million) issuance programme. That single addition pushed the NREIT's total outstanding units from roughly 1.588 billion to 1.657 billion. The REIT, which trades under the symbol NREIT on the NGX Main Board, is structured to deliver income through diversified real estate holdings, giving both retail and institutional investors a way into property markets without tying up capital in physical assets.
The financial services sector did what it almost always does: dominate. The industry accounted for 2.444 billion shares valued at N72.029 billion ($51.9 million) in 145,628 deals, representing 66.14% of total equity turnover volume and about 40.5% of value. Oil and gas came in second with 326.073 million shares worth N39.510 billion ($28.5 million) in 36,458 deals, while the services sector rounded out the top three with 218.374 million shares valued at N2.012 billion ($1.4 million).
At the stock level, three names drove a disproportionate share of activity. Jaiz Bank, Fortis Global Insurance and Access Holdings collectively moved 661.242 million shares worth N8.062 billion ($5.8 million) in 38,534 deals, accounting for roughly 17.9% of total equity turnover by volume.
The Exchange-Traded Products segment quietly had a decent week too. About 3.800 million units valued at N548.240 million ($394,700) traded in 4,487 deals, ahead of the 3.603 million units worth N409.595 million ($294,900) from the week before.
Perhaps the most meaningful signal of the week came in the price movement data. Forty-four equities gained ground, up from 32 gainers the prior week. The number of stocks that lost value fell to 58 from 69, while 46 names held flat. It was not a dramatic swing, but in a market that had been grinding through a rough patch, the direction mattered.
Cowry Asset Management captured the mood well in a weekend note to investors. The firm said it expected the domestic equities market to maintain a cautiously optimistic tone in the near term, with investors continuing to seek out fundamentally sound and undervalued names after the recent rebound. It flagged potential limits on gains from profit-taking and subdued trading activity, but pointed to bargain hunting and selective accumulation in large-cap counters as likely sources of index support.
The week may not have dazzled on volume, but the combination of new listings, fewer losers and renewed interest in quality stocks painted a picture of a market in the early stages of finding its footing again.
