NGX WEEKLY RECAP: Investors lose N1.32 trillion as equity markets plunge

Investors in the Nigerian equity market enjoyed a poor trading week on the NGX floor after suffering a loss of N1.32 trillion in the just-ended trading week.

The stock exchange posted losses on four of the five trading days and rose on only one trading day as the market suffered its second-worst loss of 2024 yesterday.

Market capitalization fell by N1.32 trillion to N55.61 trillion from N56.93 trillion in the previous week.

Similarly, the All Share Index (ASI) fell 2.33% to close at 98,201.49 from 100,539.40 points recorded the previous week.

The equity market started the week on a positive note on Monday, July 22, 2024 as investors earned N16 billion at the end of the trading session.

From there things got worse.

On Tuesday, July 23, 2024, the equity market reversed the gains made on Monday, July 22, 2024 as investors lost N46 billion at the end of the trading session.

The same thing happened on Wednesday, July 24, 2024, investors recorded a loss of N68 billion.

On Thursday, July 25, 2024, investors also lost N117 billion by the end of the trading session.

The equity market closed the week with the second-worst loss in 2024 on Friday, July 26, 2024 as investors lost N1.1 trillion by the end of the trading session culminating in a total loss of N1.32 trillion for the week just ended.

ALSO READ: NGX: Investors lose IDR 117 billion as the stock market continues to decline

A total turnover of 3.557 billion shares worth N47.220 billion in 42,871 transactions was traded this week by investors on the floor of the Exchange, as against a total of 2.827 billion shares worth N42.366 billion traded last week in 44,277 transactions.

The Financial Services industry (measured by volume) led the activity chart with 2.011 billion shares worth N25.783 billion traded in 24,350 deals; thereby contributing 56.52% and 54.60% to the total equity turnover volume and value respectively.

The Services Industry followed with 1.020 billion shares worth N3.216 billion in 1,846 transactions. The third position was the Agriculture Industry, with a turnover of 168.028 million shares worth N647.859 million in 1,473 transactions.

Trading in the top three equities namely Tourist Company of Nigeria Plc, FCMB Group Plc and Abbey Mortgage Bank Plc (measured by volume) accounted for 1.876 billion shares worth N8.511 billion in 935 deals, accounting for 52.73% and 18.02% of the total equity turnover volume and value.

SOVEREIGN TRUST INSURANCE PLC recorded the largest share price increase from N0.49 at the start of the week to N0.56 followed by CORONATION INSURANCE PLC which increased its share price from N0.76 to N0.86.

NEIMETH also increased its share price by N0.22 from N1.74 to N1.96.

On the other hand, SECURE ELECTRONIC TECHNOLOGY PLC recorded the largest share price decline of N0.15 to close the week at N0.42 from N0.57 at the start of the week, followed by OMATEK which fell N0.11 to end the week at N0.63 from N0.74 at the start of the week.

CUTIX also fell N0.84 to close at N5.15 from N5.19 at the start of the week.

By: Babajide Okeowo

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