Investors in NGX sheds N83bn in seven days

The Nigerian Stock Exchange lost N83 billion last week from 2 to 6 September 2024 as both the All-Share Index and market capitalization depreciated by 0.15 percent because of sell-offs in big stocks.

In the week under review, the ASI closed at 96,433.53 points, while the market capitalization settled at N55.39 trillion.

Despite the bearish trend, the NGX Oil and Gas Index bucked the market’s performance with a 1.52 percent gain.

Further analysis showed that investors traded 2.14 billion shares worth N51.22bn in 55,603 deals, decreasing from the previous week’s 2.82 billion shares valued at N53.048 billion traded in 50,488 deals.

Accordingly, the financial services industry led activity, accounting for 1.23 billion shares valued at N19.98bn, representing 57.40 percent of total equity turnover volume and 39 percent of value.

This was followed closely by the oil and gas industry, which traded 262.484 million shares worth N18bn in 14,275 deals.

The service industry placed third with a turnover of 155.587 million shares valued at N532.94m in 3,558 deals.

Data showed that the top three equities by volume were Access Holdings Plc, Oando Plc, and Zenith Bank Plc.

Together, they accounted for 517.336 million shares worth N24.45 billion traded in 15,502 deals, contributing 24.16 percent of total equity turnover volume and 47.75 percent of value.

Trading statistics revealed fluctuations in turnover volumes and values from Monday to Friday.

On Monday, the market recorded 498.119 million shares worth N11.037 billion in 13,149 deals.

By Tuesday, the volume dropped to 473.004 million shares valued at N10.411bn in 12,532 deals.

The bearish trend continued into Wednesday, with 389.232 million shares worth N8.180bn traded in 12,039 deals and Thursday’s session saw a slight gain, as 388.617 million shares exchanged hands for N9.565bn across 9,897 deals.

The week ended in rebound on Friday with 392.509 million shares valued at N12.024bn in 7,986 deal

In the last week, 36 equities appreciated, down from 46 in the previous week, while 46 stocks declined, higher than the 26 recorded in the prior week and 69 equities remained unchanged.

In the week under review, the top gainers included Industrial & Medical Gases Nigeria Plc, which rose by 32.58 percent to close at N35.00.

Berger Paints Plc gained 31.12 percent, closing at N18.75, while ETranzact International Plc climbed 20.59 percent to N6.15.

Conversely, RT Briscoe Plc led the losers with a 27.61 percent drop, closing at N2.57.

FTN Cocoa Processors Plc declined by 18.38 percent, closing at N1.51.