• Tuesday, July 16, 2024
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Nigeria’s stocks shed N64bn in one week

Nigeria’s stocks

In the trading week ended Friday July 30, the cumulative value of stocks listed on the Nigeria Bourse decreased by N64billion as more investors chose to take profit on some counters following preceding week’s gains. The record negative close was largely driven by sell-offs in mid-cap names amid mixed result.

Some investors reacted to the released half year (H1) financials report of companies, most either met or surpassed expectation while some others berthed with relatively muted scorecards which dampened investors’ initial interest.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 0.31percent to close the week at 38,547.08 points and N20.083trillion respectively, from week-open high of 38,667.90points and N20.147 trillion.

Read Also: Nigeria’s stock market decreases by 0.18%

Except the NGX Oil & Gas Index (+3.84percent) and NGX Consumer Goods Index (+0.06percent), other sectoral indices closed in the red.

Thirty-seven (37) equities appreciated in price during the review week, lower than Forty-three (43) in the preceding week.

Thirty-five (35) equities depreciated in price, higher than sixteen (16) equities in the preceding week, while eighty-four (84) equities remained unchanged lower than ninety-seven (97) equities recorded in the preceding week.

The market recorded turnover of 1.374 billion shares worth N11.823 billion in 22,982 deals in contrast to a total of 896.174 million shares valued at N5.235 billion that exchanged hands last week in 11,714 deals.

The Financial Services Industry (measured by volume) led the activity chart with 715.394 million shares valued at N4.745 billion traded in 10,274 deals; thus contributing 52.06percent and 40.13percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 212.340 million shares worth N517.613 million in 1,060 deals; then Oil and Gas Industry, with a turnover of 153.440 million shares worth N1.597 billion in 3,076 deals.

Trading in the top three equities namely Transnational Corporation Of Nigeria Plc, Oando Plc and Fidelity Bank Plc (measured by volume) accounted for 378.863 million shares worth N995.477 million in 2,998 deals, contributing 27.57percent and 8.42percent to the total equity turnover volume and value respectively.