NGX WEEKLY RECAP: Investors rake in N320.84 billion as equity markets surge

Investors in the Nigerian stock market enjoyed a rally on the NGX floor after making a gain of N320.84 billion in the just-ended trading week.

The exchange recorded profits on four of the five trading days and losses on only one trading day.

Market capitalization rose by N320.84 billion to N56.93 trillion from N56.44 trillion in the previous week.

Similarly, the All Share Index (ASI) jumped +0.87% to close at 100,539.40 points from 99,671.28 points recorded in the previous week.

The equity market started on a positive note on Monday, July 15, 2024 as investors earned N172 billion at the end of the trading session.

This trend continued on Tuesday, July 16, 2024 as investors earned another N62 billion.

However, the trend reversed on Wednesday, July 17, 2024 as investors recorded a loss of N24 billion.

The equity market returned to a positive note on Thursday, July 18, 2024 as investors lost N262 billion at the end of the trading session.

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The equity market closed positively for the week on Friday, July 19, 2024 as investors earned N20 billion at the end of the trading session culminating in a total profit of N320.84 billion for the week just ended.

In terms of volume of transactions executed, FINMAL FINANCE COMPANY LIMITED led with a volume of 1.199 billion shares worth N2.997 billion followed by VALM VALMON SECURITIES LTD which traded a total of 403 million equities worth N2.667 billion.

CARDINALSTONE SECURITIES LIMITED traded 390 million shares worth N8.358 billion.

The NGX Insurance Index dragged the bourse down by 4.86% while the NGX Pension Index pushed the bourse up by 1.11%.

AIRTELAFRI recorded the largest increase in share price from N2,100 at the start of the week to N2,200 and gained N100 followed by PRESCO which increased its share price from N369.00 to N383.00 and gained N14.00 in the process.

UCAP also increased its share price by N12.50 from N28.40 to N40.55.

On the other hand, VITAFOAM recorded the largest share price decline, losing N2.20 to close the week at N19.00 from N21.20 at the start of the week, followed by NGX GROUP which shed N1.95 to end the week at N21.35 from N23.30 at the start of the week.

VITAFOAM also dropped N1.15 to close at N19.00 from N21.20 at the start of the week.

By: Babajide Okeowo

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