Fortis Global Insurance Plc dominated trading activity on the Nigerian Exchange (NGX) on Wednesday after investors exchanged more than 860 million shares in the company, accounting for approximately 54 percent of the entire market’s trading volume.
A total of 860.31 million Fortis Global Insurance shares worth N1.75 billion changed hands during the session, making the insurer the most actively traded equity by a wide margin.
The transactions represented approximately 54.1 percent of the 1.59 billion shares traded across the equities market during the day.
The concentration means that more than one out of every two shares exchanged on the NGX during Wednesday’s session was in Fortis Global Insurance.
However, the company’s dominance by volume was not replicated in transaction value.
Fortis Global Insurance accounted for only about 3.8 percent of the N45.82 billion total market turnover, reflecting the relatively low unit price of the shares involved in the transactions.
The heavy trading in Fortis was largely responsible for the sharp increase in overall NGX volume.
Total market volume climbed from 837.26 million shares on Tuesday to 1.59 billion shares on Wednesday, representing an increase of approximately 90 percent.
Despite the surge in volume, total transaction value declined by about 5.7 percent from N48.57 billion to N45.82 billion, while the number of deals fell from 52,126 to 49,836.
Fidelity Bank was the second-most actively traded stock by volume, with 170.72 million shares valued at N3.41 billion.
Guaranty Trust Holding Company followed with 86.19 million shares, but its transactions were valued at N11.85 billion, substantially exceeding the value of Fortis Global Insurance trades.
Dangote Sugar Refinery recorded 36.49 million shares worth N2.54 billion, while Chams Holding Company traded 35.34 million shares valued at N117.37 million.
Together, Fortis Global Insurance, Fidelity Bank, GTCO, Dangote Sugar and Chams accounted for approximately 1.19 billion shares, equivalent to about 74.7 percent of total NGX trading volume.
Their combined transaction value stood at approximately N19.68 billion, representing about 43 percent of total market turnover.
The broader equities market closed higher despite the heavy concentration of trading activity.
The NGX All-Share Index advanced 0.23 percent to 251,191.02 points, from 250,614.66 points in the previous session.
Equity market capitalisation increased by approximately N374 billion to N163.06 trillion, extending the market’s positive performance for a third consecutive trading session this week.
Fortis Global Insurance had also been among the leading gainers in the previous session, rising 7.73 percent from N1.81 to N1.95 on September 22.
Wednesday’s extraordinary 860.31 million-share turnover therefore placed the insurer at the centre of NGX trading activity, with the stock alone accounting for more than half of all shares exchanged during the session.
