This trading volume surpassed the previous figure of 2.7 billion units, which were valued at N49.8 billion and traded in 43,298 transactions on December 13.
The financial services sector led the trading activity, with 1.6 billion shares worth N23.4 billion changing hands in 22,766 deals, contributing 66.2 percent and 25.70 percent to the overall equity turnover.
Following this, the ICT sector recorded 201.2 million units valued at N3.1 billion across 2,840 transactions, while the services sector ranked third with 182.2 million shares worth N7.9 billion in 3,019 deals.
The top three equities—Sterling Financial Holdings Company Plc, Wema Bank Plc, and e-Tranzact International Plc—accounted for 623.895 million shares valued at N3.9 billion in 1,544 transactions, representing 24.6 percent of the total equity turnover.
In terms of price movements, the Nigerian equities market experienced a rise for the third consecutive week, driven by bargain-hunting in Aradel (+20.7 percent) following the ministerial approval for Renaissance Africa Energy Limited's acquisition of Shell Petroleum Development Company (SPDC), along with price increases in GTCO (+7.7 percent) and Transcorp (+9.4 percent). As a result, the All-Share Index and market capitalization increased by 1.8 percent, closing the week at 101,129.09 and N61.303 trillion, respectively.
All other indices also finished higher, with the exception of the NGX industrial goods and NGX sovereign bond indices, which fell by 0.9 percent and 0.06 percent, respectively, while the NGX ASeM index remained unchanged.
As a result, the month-to-date (MTD) and year-to-date (YTD) returns improved by +3.7 percent and +35.2 percent, respectively.
Analysts foresee a positive market trend as holiday shoppers engage in bargain hunting, prompting investors to adjust their positions in anticipation of year-end earnings reports and dividend announcements from leading companies.
In particular, analysts from Cowry Asset Management noted: “In the coming period, the Nigerian stock market is likely to continue its upward trajectory, bolstered by year-end adjustments by fund managers. Participants in the market will pay close attention to the effects of the recently released consumer price index (CPI) data on their investment strategies. The prevailing optimism regarding enhanced macroeconomic indicators and ongoing portfolio rebalancing efforts is expected to keep market activity robust.”
“As the year draws to a close, strategic positioning is anticipated to guide trading decisions, promising an eventful conclusion to a record-breaking year for the local bourse.”
Codros Capital said: “We expect bullish sentiments to persist in the coming week, driven by positive market momentum and sustained investor interest in fundamentally strong stocks.”
Chief Research Officer of Investdata Consulting, Ambrose Omordion said: “We expect positive sentiment to continue amid profit taking, as bargain hunters position, while rebalancing their portfolios midst high inflation, low valuation and position taking by smart money for year-end.
“Also, sector rotation and portfolio rebalancing continued in the market with investors taking advantage of pullbacks and correction to buy into value.”
This week, 72,498 units of Exchange Traded Products (ETPs) were traded across 95 transactions, amounting to N7.6 million. In contrast, the previous week saw a total of 167,935 units valued at N6.4 million exchanged in 78 deals.
Furthermore, there were 74,104 units traded this week, valued at N74.2 million, across 33 transactions, compared to last week's total of 33,533 units worth N37.3 million in 25 deals.