NGX WEEKLY SUMMARY: Investors lose N846 billion as equity markets plunge

Investors in the Nigerian equity market had a tough trading week on the NGX floor with losses of N846.53 billion as market capitalization fell to N55.13 trillion from N55.98 trillion the previous week.

This follows a loss of N480 billion in the previous week.

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

Market capitalization decreased by N846.53 billion as the market capitalization dropped to N55.13 trillion from N55.98 trillion the previous week.

Likewise, the All Share Index (ASI) plunged by -1.51% to close the week at 97,100.31 points from 98,592.12 points in the previous week.

Nigerian equity market started the week at its lowest on August 12, 2024 as investors lost N404 billion at the end of the trading session.

Similarly, the equity market continued its bearish trend on Tuesday, August 13, 2024 as investors lost N278 billion at the end of the trading session.

The downward trend in the Nigerian equity market continued on Wednesday, August 14, 2024 as investors lost N80 billion at the end of the trading session.

For the fourth consecutive trading day, the downward trend in the Nigerian equity market continued on Thursday, August 15, 2024 as investors lost N84 billion by the end of the trading session.

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The equity market ended the week in the red for the fifth straight day on Friday, August 16, 2024 as investors lost N4 million at the end of the trading session.

A total turnover of 2.033 billion shares worth N42.155 billion in 45,157 transactions was traded this week by investors on the floor of the Exchange, as against a total of 2.679 billion shares worth N49.017 billion traded last week in 47,451 transactions.

The Financial Services industry (measured by volume) led the activity chart with 1.377 billion shares worth N25.652 billion traded in 20,132 deals; thereby contributing 67.73% and 60.85% to the total equity turnover volume and value respectively.

The Oil and Gas industry followed with 276.729 million shares worth N6.026 billion in 6,848 transactions. The third position was the Services industry, with a turnover of 101.217 million shares worth N682.062 million in 2,475 transactions.

Trading in the top three equities namely Guaranty Trust Holdings Company Plc, Veritas Kapital Assurance Plc and Japaul Gold & Ventures Plc (measured by volume) was recorded at 674.233 million shares worth N16.055 billion in 3,977 transactions, contributing 33.16% and 38.08% to the total volume and value of equity turnover respectively.

RT BRISCOE recorded the largest percentage increase in share price of 33.86%, followed by TOTAL which increased its share price by 19.69% in the process.

JBERGER also increased its share price by 18.18%.

On the other hand, CUTIX recorded the largest share price decline based on percentage, down 17.50%, followed by BUA CEMENT for the second time in a row, down 14.82% of its share price.

OANDO also fell 11.70% to close at N35.85 from N40.60 at the start of the week.

By: Babajide Okeowo

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