NGX WEEKLY RECAP: Bears dominate as investors lose N2.4 billion

Investors in the Nigerian equity market recorded a mixed trading week on the NGX floor with a loss of N2.45 billion as market capitalization fell to N55.12 trillion from N55.13 trillion the previous week.

This follows a loss of N846 billion in the previous week.

The exchange recorded losses on two of the five trading days of the week.

Market capitalization decreased by N2.45 billion as the market capitalization dropped to N55.12 trillion from N55.13 trillion in the previous week.

Similarly, the All Share Index (ASI) plunged -1.16% and closed the week at 95,973.45 points from 97,100.31 in the previous week.

Nigerian equity market started the week at its lowest on August 19, 2024 as investors lost N749 billion at the end of the trading session.

The losses were reversed on Tuesday, August 20, 2024 as investors gained N66 billion at the end of the trading session.

The bullish trend was maintained on Wednesday, August 21, 2024 as investors earned N599 billion at the end of the trading session.

Market players were back in action on the equity market on Thursday, August 22, 2024 as investors lost N64 billion at the end of the trading session.

The equity market ended the week on Friday, August 23, 2024 with gains as investors earned N146 billion at the end of the trading session.

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A total turnover of 5.641 billion shares worth N33.052 billion in 42,006 transactions was traded this week by investors on the floor of the Exchange, as against a total of 2.033 billion shares worth N42.155 billion traded last week in 45,157 transactions.

The Financial Services industry (measured by volume) led the activity chart with 4.977 billion shares worth N17.877 billion traded in 19,064 deals; thereby contributing 88.22% and 54.09% to the total equity turnover volume and value respectively.

Oil and Gas Industry
followed by 179.469 million shares worth N8.954 billion in 5,780 transactions. The third position is the Services Industry, with a turnover of 123.505 million shares worth N525.417 million in 2,436 transactions.

Trading in the top three equities namely Standard Insurance Plc, Jaiz Bank Plc and Guaranty Trust Holdings Company Plc (measured by volume) was recorded at 3.951 billion shares worth N7.947 billion in 1,839 transactions, contributing 70.04% and 24.04% to the total volume and value of equity turnover respectively.

Oando recorded the largest percentage increase in share price of 60.47% followed by RT BRISCOE which increased its share price by 51.19% in the process.

JAPAUL GOLD also increased its share price by 35.80%.

On the other hand, CHAMPION recorded the largest share price decline by percentage, namely 15.03%, followed by BUA CEMENT for three consecutive weeks which lost 9.99% of its share price.

UNIVERSITY PRESS PLC also fell 9.92%.

By: Babajide Okeowo

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