NGX WEEKLY SUMMARY: Investors lose N20.75 billion as equity markets plunge

It has been a forgettable week for investors in the Nigerian equity market after suffering a cumulative loss of N2.75 billion in the just ended trading week.

The exchange recorded losses on three of the five trading days and made profits on two trading days.

Market capitalization dropped to N56.58 trillion from N56.60 trillion the previous week as the All Share Index (ASI) recorded a -0.04% decline to close at 100,022.03 points, down from 100,057.49 points recorded the previous week.

The equity market started the week on a losing note as investors recorded losses of N20 billion at the end of the trading session on Monday, July 1, 2024.

The trend reversed on Tuesday as investors made a profit of N25 billion at the end of the trading session on Tuesday, July 2, 2024.

The positive trend continued on Wednesday, July 3, 2024 as investors recorded a profit of N131 billion.

Thursday and Friday were not so good for investors as they both recorded losses of N133 billion and N23 billion respectively.

ALSO READ:NGX: Investors start week with N51 billion loss as stocks plunge

In terms of volume of transactions executed, CARDINALSTONE SECURITIES LIMITED led with 774 million shares traded worth N11 billion followed by FBN QUEST SECURITIES LIMITED which traded a total of 726 million equities worth N7.909 billion.

MORGAN CAPITAL SECURITIES LIMITED traded 352 million shares worth N2.300 billion.

The NGX Consumer Goods Index dragged the bourse down by 0.69% while the banking index pushed the bourse up by 3.87%.

CONOIL recorded the largest share price increase from N105 at the start of the week to N126.50 and gained N21.50 followed by GUINNESS which increased its share price from N67.00 to N70.00 and gained N3.00 in the process.

GTCO also increased its share price by N2.35 from N45.00 to N47.35.

On the other hand, JULIUS BERGER recorded the largest share price decline, losing N9.40 to close the week at N88.60 from N98.00 at the start of the week, followed by DANGOTE SUGAR which dropped N2.50 to end the week at N40.50 from N43.00 at the start of the week.

MRS also fell by N2.35 to close at N132.65 from N135.00 at the start of the week.

By: Babajide Okeowo

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