NGX WEEKLY SUMMARY: Investors enjoy profitable trading week, rake in N607 billion in profit

Investors in the Nigerian equity market enjoyed a trading week of massive profit-taking as they raked in a whopping N607 billion on the floor of the Nigerian Xchange Group (NGX) as equity capitalization rose to N56.00 trillion from N55.39 trillion in the previous week.

This follows a loss of N83.55 billion in the previous week.

The exchange recorded gains on three of the five trading days of the week.

Market capitalization rose to N56.00 trillion from N55.39 trillion the previous week.

Likewise, the Composite Stock Price Index (IHSG) rose 1.06% to close at 97,456.62 points from 96,433.53 points the previous week.

Nigerian equity markets started the week with losses on Monday 9th September 2024 as investors lost N111 billion at the end of the trading session.

The trend reversed on Tuesday, September 10, 2024 as investors earned an additional N343 billion at the end of the trading session.

Market players were back in action on the equity market on Wednesday, September 11, 2024 as investors lost N50 billion at the end of the trading session.

The stock market strengthened again on Thursday, September 12, 2024 as investors earned IDR 178 billion at the end of the trading session.

ALSO READ:NGX: Stock market rebounds as investors rake in N178 billion

The equity market closed on Friday, September 13, 2024 with a gain as investors earned N247 billion at the end of the trading session.

A total turnover of 2.584 billion shares worth N51.205 billion in 50,615 transactions was traded this week by investors on the floor of the Exchange, as against a total of 2.141 billion shares worth N51.217 billion traded last week in 55,603 transactions.

The Financial Services industry (measured by volume) led the activity chart with 1.707 billion shares worth N26.989 billion traded in 19,277 deals; thereby contributing 66.05% and 52.71% to the total equity turnover volume and value respectively.

The Oil and Gas industry followed with 332.829 million shares worth N11.997 billion in 9,956 transactions.

Third place is the Services Industry with a turnover of 146.189 million shares worth N530.544 million in 3,404 transactions.

Trading in the top three equities namely Jaiz Bank Plc, Zenith Bank Plc and Japaul Gold & Ventures Plc (measured by volume) was recorded at 947.855 million shares worth N11.084 billion in 4,822 transactions, contributing 36.68% and 21.65% to the total volume and value of equity turnover respectively.

CAVERTON recorded the largest percentage increase in share price of 59.75% followed by RTBRISCOE which increased its share price by 42.02% in the process.

UPDC also increased its share price by 36.92%.

On the other hand, LEARNAFRICA recorded the largest share price decline by percentage, namely 22.15%, followed by JULIUS BERGER which lost 17.89% of its share price.

PZ also lost 17.63% of its share price.

By: Babajide Okeowo

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