Investors rebound with N349bn gain as stock market returns to growth path
Nigerian Exchange Group NGX
Investors rebound with N349bn gain as stock market returns to growth path
Nike Popoola
Equities market retuned to growth path as investors gained N349bn at the close of this week’s trading on Friday August 30, 2024.
The investors had earlier lost N3bn a week earlier to bearish trend.
The NGX All-Share Index and Market Capitalization appreciated by 0.63% to close the week at 96,579.54 and N55.478 trillion respectively.
Similarly, all other indices finished higher with the exception of NGX CG, NGX Premium, NGX AFR Div Yield and NGX Pension Broad which depreciated 0.42%, 1.72%, 2.38%, and 0.07% respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
According to the NGX, 56 equities appreciated in price during the week higher than forty-three (43) equities in the previous week.
Twenty-six (26) equities depreciated in price lower than thirty-four (34) in the previous week, while sixty-nine (69) equities remained unchanged, lower than seventy-four (74) recorded in the previous week.
The NGX market report obtained by Dailyeconomy showed that a total turnover of 2.821billion shares worth N53.048 billion in 50,488 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 5.641 billion shares valued at N33.052 billion that exchanged hands last week in 42,006 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.857 billion shares valued at N15.825 billion traded in 19,937 deals; thus contributing 65.82% and 29.83% to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 288.807 million shares worth N11.302 billion in 9,365 deals. The third place was the Services Industry, with a turnover of 177.666 million shares worth N437.174 million in 3,604 deals.
Trading in the top three equities namely Consolidated Hallmark Holdings Plc, Veritas Kapital Assurance Plc and Access Holdings Plc (measured by volume) accounted for 862.499 million shares worth N 3.795 billion in 3,511deals, contributing 30.57% and 7.15% to the total equity turnover volume and value respectively.
