NGX WEEKLY SUMMARY: Stock market dominates as investors gain N348.34 billion

Investors in the Nigerian equity market recorded a bullish trading session on the floor of the Nigerian Xchange Group (NGX) which gained N348.34 billion as market capitalization increased to N55.47 trillion from N55.12 trillion the previous week.

This follows a loss of N2.4 billion in the previous week.

The exchange recorded gains on four of the five trading days of the week.

Market capitalization increased by N348.34 billion as equity capitalization rose to N55.47 trillion from N55.12 trillion recorded last week.

Similarly, the All Share Index (ASI) increased by 0.63% to close the week at 96,579.54 points from 95,973.45 recorded in the previous week.

The Nigerian equity market started the week with gains on Monday, August 26, 2024 as investors earned N36.67 billion at the end of the trading session.

This trend continued on Tuesday, August 27, 2024 as investors earned N271 billion at the end of the trading session.

The bullish trend came to a halt on Wednesday, August 28, 2024 as investors lost N176 billion by the end of the trading session.

The stock market strengthened again on Thursday, August 29, 2024 as investors earned IDR 117 billion at the end of the trading session.

The equity market closed on Friday, August 30, 2024 with a gain as investors earned N98 billion at the end of the trading session.

READ ALSO:NGX: Equity markets close week with N98 billion profit for investors

A total turnover of 2.821 billion shares worth N53.048 billion in 50,488 transactions was traded this week by investors on the floor of the Exchange, as against a total of 5.641 billion shares worth N33.052 billion traded last week in 42,006 transactions.

The Financial Services industry (measured by volume) led the activity chart with 1.857 billion shares worth N15.825 billion traded in 19,937 deals; thereby contributing 65.82% and 29.83% to the total equity turnover volume and value respectively.

The Oil and Gas industry followed with 288.807 million shares worth N11.302 billion in 9,365 transactions.

In third place is the Services Industry with a turnover of 177.666 million shares worth N437.174 million in 3,604 transactions.

Trading in the top three equities namely Consolidated Hallmark Holdings Plc, Veritas Kapital, Assurance Plc and Access Holdings Plc (measured by volume) was recorded at 862.499 million shares worth N3.795 billion in 3,511 transactions, contributing 30.57% and 7.15% to the total volume and value of equity turnover respectively.

For the second week, Oando recorded the largest percentage increase in share price of 60.71% followed by DEAPCAP which increased its share price by 57.14% in the process.

MCNICHOLS also increased its stock price by 56.57%.

On the other hand, TRANSCORP recorded the largest share price decline by percentage, namely 9.99%, followed by MTNN which lost 9.91% of its share price.

UNIVERSITY PRESS PLC also fell 9.45%.

By: Babajide Okeowo

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