Equities market closes week on negative note as investors lose N23bn
…As investors lose N20.75bn as equities market crumble in one week
The Nigerian equities market closed the week on a negative note as investors lost N23 billion at the close of trading on Friday.
This followed the dip in the share prices of stocks like Updcredit, Julius Berger, and Ikeja Hotel, amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalisation crashed to N56.5 trillion from N56.6 trillion posted by the bourse on Thursday.
The All-Share Index (ASI) increased to 100,022.03 from 100,065.68 recorded the previous day.
The market breadth was positive as 31 stocks advanced and 26 declined, while 63 others remained unchanged in 8,551 deals.
Conoil, Oando, and Veritaskap led other gainers with 10 percent, 9.68 percent, and 9.52 percent growth in share price each to close at N126.50, N17.00, and N1.15 from the previous N115.00, N15.50, and N1.05 per share.
On the flip side, Updcredit, Julius Berger, and Ikeja hotel led other price decliners as they shed 10 percent, 9.59 percent, and 9.15 percent each to close at N4.50, N88.60, and N6.95 from the initial of N5.00, N98.00, and N7.65 per share.
On the volume index, Oando led trading with 53 million shares valued at N901 million in 755 deals followed by AIICO which traded 30 million shares valued at N34 million in 164 deals.
Veritaskap traded 26 million shares valued at N30 million in 154 deals.
On the value index, Transpower recorded the highest value for the day trading stocks worth N1.01 billion in 91 deals followed by Oando which traded equities worth N901 million in 755 deals.
Meanwhile, It was a week to forget for investors in the Nigerian equities market following a cumulative loss of N2.75bn in the just ended trading week.
The bourse recorded losses in three of the five trading days making profits on two trading days.
The market capitalisation fell to N56.58 trillion from N56.60trn the previous week same as the All-Share Index (ASI) which recorded a -0.04 percent decline to close at 100,022.03 points, down from 100,057.49 points recorded the previous week.
The equities market started the week on a losing note as investors recorded a loss of N20bn at the end of trading session on Monday, July 1, 2024.
The trend was reversed on Tuesday as investors made a profit of N25bn at the end of trading session on Tuesday, July 2, 2024.
The positive trend continued on Wednesday, July 3, 2024 as investors recorded a profit of N131bn.
Morgan Capital Securities Limited traded 352m volume of shares valued at N2.300bn.
The NGX Consumer Goods Index dragged the bourse down by 0.69 percent while the banking index pushed up the bourse by 3.87 percent.
Conoil recorded the biggest share price increase from N105 at the beginning of the week to N126.50 gaining N21.50 followed by Guinness which increased its share price from N67.00 to N70.00 gaining N3.00 in the process.
GTCO also increased its share price by N2.35 from N45.00 to N47.35.
On the flip side, Julius Berger recorded the biggest decline in share prices losing N9.40 to close the week at N88.60 from the N98.00 it started the week on followed by Dangote Sugar which shed N2.50 and ended the week on N40.50 from N43.00 at the start of the week.
MRS also shed N2.35 to close at N132.65 from N135.00 at the beginning of the week
Thursday and Friday were not so good for investors as they recorded losses of N133bn and N23bn respectively.
In terms of volumes of transactions made, Cardinalstone securities limited led the way with 774m worth of stocks traded valued at N11bn followed by FBN Quest Securities Limited which traded a total of 726m equities valued at N7.909bn.
