NGX WEEKLY RECAP: Investors rake in N480 billion as equity markets recover

Investors in the Nigerian equity market enjoyed a fairly profitable trading week on the NGX floor, gaining N480 billion in the just-ended trading week.

This comes after a loss of N107 billion in the previous week.

The bourse posted losses on two of the five trading days and made gains on three as equity markets began to recover from the impact of the #EndBadGovernance protests.

Market capitalization increased by N480 billion to N55.98 trillion from N55.50 trillion in the previous week.

Similarly, the All Share Index (ASI) fell by 2.33% to close at 98,592.12 from 97,745.73 points recorded in the previous week.

The equity market started the week on a negative note on Monday, August 5, 2024 as investors lost N92 billion by the end of the trading session.

Similarly, on Tuesday, August 6, 2024, the equity market continued its downward trend as investors lost N371 billion at the end of the trading session.

Market fortunes changed on Wednesday, August 7, 2024 as investors recorded profits of N96 billion.

On Thursday, August 8, 2024, investors made a huge profit of N577 billion at the end of the trading session.

The equity market closed the week with gains on Friday, August 9, 2024 as investors earned N270 billion at the end of the trading session culminating in a total gain of N480 billion for the week just ended.

A total turnover of 2.679 billion shares worth N49.017 billion in 47,451 transactions was traded this week by investors on the floor of the Exchange, as against a total of 3.393 billion shares worth N52.304 billion traded last week in 44,814 transactions.

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The Financial Services industry (measured by volume) led the activity chart with 1.982 billion shares worth N31.985 billion traded in 23,467 deals; thereby contributing 74.00% and 65.25% to the total equity turnover volume and value respectively.

The Oil and Gas industry followed with 229.680 million shares worth N7.441 billion in 4,021 transactions.

Third is the ICT Industry with a turnover of 113.887 million shares worth N3.059 billion in 4,260 transactions.

Trading in the top three equities namely Access Holdings Plc, Veritas Kapital Assurance Plc and United Bank for Africa Plc (measured by volume) was recorded at 756.035 million shares worth N10.726 billion in 6,985 deals, contributing 28.22% and 21.88% to the total equity turnover volume and value respectively.

A total of forty-six (46) stocks experienced price appreciation during this week, higher compared to forty (40) stocks in the previous week. A total of thirty-eight (38) stocks experienced price depreciation lower compared to forty (40) stocks in the previous week, while a total of sixty-seven (67) stocks continued to experience price increases, lower compared to seventy-one (71) stocks recorded in the previous week.

OANDO recorded the largest percentage increase in share price of N15.30 followed by RT BRISCOE which increased its share price from N0.84 to N1.27 and gained N0.43 in the process.

JAPAUL also increased its share price by N0.63 from N1.76 to N2.39.

On the other hand, NESTLE recorded the largest share price decline by percentage, dropping 15.03% to close the week at N2.77 from N3.26 at the start of the week, followed by BUA CEMENT which dropped 9.99% of its share price to end the week at N128.90 from N143.20 at the start of the week.

UNIVERSITY PRESS also fell 9.90% to close at N2.18 from N2.42 at the start of the week.

By: Babajide Okeowo

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