ICT sector leads NGX activity by 60.8 percent WoW as market turnover surges

The Nigerian Exchange (NGX) recorded significant trading activity during the week ended March 18, with the Information and Communications Technology (ICT) Industry emerging as the dominant contributor to market turnover. Despite a truncated trading week due to the declaration of Thursday, March 19, and Friday, March 20 as public holidays for the Eid‑el‑Fitr celebration, the market demonstrated notable resilience and liquidity, driven primarily by technology-related equities.

According to official NGX data, a total of 8.761 billion shares valued at N267.253 billion were exchanged in 193,473 deals over the three trading days. This represents a marked increase relative to the previous week, during which 3.321 billion shares worth N164.845 billion were traded in 318,907 deals. The increase in both volume and value underscores the robust investor interest and confidence in the equities market, even under the constraints of a shortened trading period.

The ICT industry led the market in terms of both trading volume and turnover value, with 5.330 billion shares valued at N46.825 billion traded across 21,573 deals. These figures accounted for 60.84 percent of total equity turnover by volume and 17.52 percent by value, indicating the sector’s pivotal role in the week’s market performance.

Among the individual equities within the ICT sector, E‑Tranzact International Plc recorded the highest trading activity, consistently topping the Most Traded Stocks by Volume list. The company’s shares contributed a substantial portion of the sector’s total volume, reflecting strong retail and institutional participation. Other active ICT companies included Secure Electronic Technology Plc (SET Plc) and Cutix Plc, both of which recorded significant trading volumes and demonstrated sustained investor interest in technology and digital infrastructure firms.

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The volume and value generated by the ICT sector highlight the growing prominence of technology and fintech companies in the Nigerian capital market. Analysts have observed that investor confidence in these firms is underpinned by their demonstrated growth potential, market penetration, and contribution to the broader economy.

While the ICT sector recorded the highest trading activity, the Financial Services Industry followed with 2.765 billion shares worth N95.892 billion traded in 75,103 deals. Leading equities in this sector included FCMB Group Plc and Wema Bank Plc, which collectively attracted significant participation from both retail and institutional investors.

The Consumer Goods Industry recorded a turnover of 174.484 million shares valued at N20.805 billion in 20,693 deals, maintaining steady investor interest in established consumer-focused companies. Despite lower volumes compared to ICT and Financial Services, the Consumer Goods sector continues to provide a stable avenue for investment, particularly for risk-averse market participants.

Trading in the top three equities, E‑Tranzact International Plc, FCMB Group Plc, and Wema Bank Plc, accounted for 6.084 billion shares valued at N40.661 billion in 5,570 deals. These equities contributed 69.44 percent of total equity turnover by volume and 15.21 percent by value, further emphasising their role in shaping market activity.

The high concentration of trading in these equities indicates strong investor confidence in companies with robust digital and financial infrastructure, as well as substantial earnings potential. E‑Tranzact International Plc, in particular, remains a key driver of market liquidity within the ICT sector, reflecting both its operational scale and strategic importance in Nigeria’s digital economy.

Analysts have attributed the ICT sector’s dominance to several factors, including favourable earnings projections, rapid adoption of digital solutions, and sustained investor confidence in the technology and fintech landscape. The concentration of retail and institutional activity in technology equities suggests a structural shift in market dynamics, with ICT companies increasingly serving as core drivers of turnover and value creation.

The shortened trading week also contributed to heightened trading activity, as investors sought to capitalise on potential gains before the market closure. Market observers noted that sessions were characterised by significant retail participation, with multiple ICT equities consistently occupying leading positions on the trading board.

Looking forward, market participants anticipate continued monitoring of ICT sector performance, particularly the trading volumes of E‑Tranzact International Plc, Secure Electronic Technology Plc, and Cutix Plc. The trajectory of these equities is likely to influence broader market sentiment and may set the tone for subsequent trading sessions

The week ended March 18, 2026, highlights the centrality of the ICT sector in the Nigerian capital market. With 5.330 billion shares traded within the sector alone and substantial activity in leading technology and financial services equities, the market demonstrated both resilience and vibrancy despite the holiday-shortened week. The performance of ICT companies underscores their growing significance in driving turnover, attracting investment, and shaping the future direction of the NGX.

Investors and analysts alike continued to observe the sector closely, recognising that technology-driven equities now represent a pivotal segment of market activity and a key determinant of investor confidence in Nigeria’s evolving capital market landscape.