NGX WEEKLY RECAP: Investors lose N107 billion as equity markets plunge on #EndBadGovernance protests

Investors in the Nigerian equity market enjoyed mixed feelings on the trading week on the NGX floor after a loss of N107 billion in the just-ended trading week.

The exchange posted losses on three of the five trading days and made gains on two trading days as equity markets felt the impact of the #EndBadGovernance protests at the time.

Market capitalization fell by N107.7 billion to N55.50 trillion from N55.61 trillion in the previous week.

Similarly, the All Share Index (ASI) fell 2.33% to close at 97,745.73 from 98,201.49 points recorded in the previous week.

The equity market started the week on a positive note on Monday, July 29, 2024 as investors earned N111 billion at the end of the trading session.

From there things got worse.

On Tuesday, July 30, 2024, the equity market reversed the gains made on Monday as investors lost N171 billion at the end of the trading session.

The same thing happened on Wednesday, July 32, 2024, investors recorded a loss of N32 billion.

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On Thursday, August 1, 2024, investors also lost N235 billion at the end of the trading session.

The equity market closed the week with gains on Friday, August 2, 2024 as investors gained N219 billion at the end of the trading session culminating in a total loss of N1.32 trillion for the week just ended.

A total turnover of 3.393 billion shares worth N52.304 billion in 44,814 transactions was traded this week by investors on the floor of the Exchange, as against a total of 3.557 billion shares worth N47.220 billion traded last week in 42,871 transactions.

The Financial Services industry (measured by volume) led the activity chart with 2.875 billion shares worth N36.995 billion traded in 23,791 transactions; contributing 84.73% and
70.73% of the total volume and value of equity turnover.

The Oil and Gas Industry followed with 141.927 million shares worth N6.698 billion in 4,476 transactions. The third position was occupied by the Consumer Goods Industry, with a turnover of 97.306 million shares worth N4.047 billion in 4,179 transactions.

Trading in the top three equities namely Fidelity Bank Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) was recorded at 2.099 billion shares worth N28.215 billion in 7,603 transactions, contributing 61.87% and 53.94% to the total volume and value of equity turnover.

PRESCO recorded the largest share price increase from N383.00 at the start of the week to N441.00 and gained N58, followed by TOTAL which increased its share price from N388.90 to N427.70 and gained N38.80 in the process.

OKOMU OIL also increased its share price by N29.20 from N292.00 to N321.20.

On the other hand, NESTLE recorded the largest share price decline, losing N90.00 to close the week at N830.00 from N920.00 at the start of the week, followed by UCAP which shed N26.80 to end the week at N12.15 from N38.95 at the start of the week.

NASCON also fell by N4.50 to close at N29.50 from N34.00 at the start of the week.

By: Babajide Okeowo

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