NGX WEEKLY SUMMARY: Investors lose N139.89 billion as equity markets plunge

It has been a forgettable week for investors in the Nigerian equity market after a cumulative loss of N139.89 billion in the just-ended trading week.

The exchange recorded losses on four of the five trading days, but made a profit on only one trading day.

Market capitalization dropped to N56.44 trillion from N56.58 trillion the previous week. Similarly, the All Share Index (ASI) recorded a -0.35% decline to close at 99,671.28 points, down from 100,022.03 points recorded the previous week.

The equity market started the week on a negative note as investors recorded losses of N8 billion at the end of the trading session on Monday, July 8, 2024.

This trend continued on Tuesday, July 9, 2024 as investors lost another N113 billion by the end of the trading session.

The negative trend continued on Wednesday, July 3, 2024 as investors recorded a loss of N2.18 billion.

Thursday was no different as investors recorded their biggest losses this week as equity markets plunged N188 billion by the end of the trading session.

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Investors breathed a sigh of relief on Friday, July 12, 2024, the last trading session of the week which recorded a profit of N172 billion at the end of the trading session.

In terms of volume of transactions executed, MBC SECURITIES led with 615 million shares followed by FBN QUEST SECURITIES LIMITED which traded a total of 608 million equities worth N6.810 billion.

CARDINALSTONE SECURITIES LIMITED traded 605 million shares worth N12.380 billion.

The NGX Banking Index dragged the bourse down by 2.08% while the NGX Oil and Gas Index pushed the bourse up by 1.38%.

PRESCO recorded the largest share price increase from N354 at the start of the week to N369 gaining N14.80 followed by CONOIL which increased its share price from N126.50 to N136.95 gaining N10.45 in the process.

VITAFOAM also increased its share price by N3.20 from N18.00 to N21.20.

On the other hand, JULIUS BERGER for the second consecutive week recorded the largest share price decline, losing N5.10 to close the week at N83.50 from N88.60 at the start of the week, followed by GUINNESS which dropped N5.00 to end the week at N65.00 from N70.00 at the start of the week.

PZ also fell N2.20 to close at N19.80 from N22.00 at the start of the week.

BY: Babajide Okeowo

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