…loses 17.15% in market value to top weekly losers
Building construction company Julius Berger Plc, which is traded on the Nigerian Exchange Group Plc (NGX), was the worst loser of the week after reporting a substantial 17.15% loss at the end of weekly trading.
This development highlights the selling pressure on the construction giant’s shares, which ended trading on Friday with a market capitalization decline of N19.920 billion, bringing its market worth down to N96.240 billion.
Based on analysis, the market capitalization of Julius Berger fell from N116.16 billion to N96.240 billion, or 17.15%, less than the opening statistics for the trading week, when the stock was trading at N72.60 per share.
The other three top losers
Other three notable top losers included shares of Daar Communication Plc, which experienced a decline of 14.10% to close at N0.67 per share from the week’s opening value of N0.78.
Similarly, UPDC Real Estate Investment Trust Plc witnessed an 12.73% drop to close trading at N4.80 per share from an opening figure of 5.50. Additionally, Deap Capital Management Trust Plc’s shares decreased by 12.50% to close at N0.63 per share from the opening price of N0.72 per share.
Read Also: Ahead Of Yuletide Season, Julius Berger Hands Over Second Niger Bridge To FG
The local bourse registered a decline of 0.42% week-on-week (w/w), erasing a portion of the gains made in the preceding week, with the benchmark index settling at 104,647.37 points.
Market analysts attribute this downturn to investors capitalizing on profits following a notable bullish rally observed in recent periods.
The NGX All-Share Index and Market Capitalization depreciated by 0.42% to close the week at 104,647.37 and N59.169 trillion respectively.
Similarly, all other indices finished lower except NGX Main Board, NGX CG, NGX Banking, NGX Pension, NGX Insurance, NGX ASeM, NGX AFR Bank Value, NGX MERI Growth, NGX Oil and Gas and NGX Industrial Goods which appreciated by 0.68%, 0.43%, 4.19%, 0.13%, 8.92%, 21.81%, 3.93%, 4.13%, 0.30%, and 0.57% respectively while the NGX Sovereign Bond index closed flat.
A total turnover of 1.735 billion shares worth N48.755 billion in 45,237 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.773 billion shares valued at N52.867 billion that exchanged hands last week in 44,713 deals.
Read Also: Regency sells 2.65% stake in Julius Berger
The Financial Services Industry (measured by volume) led the activity chart with 1.273 billion shares valued at N31.077 billion traded in 23,066 deals; thus contributing 73.36% and 63.74% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 123.237 million shares worth N1.772 billion in 3,205 deals. The third place was the Consumer Goods Industry, with a turnover of 104.854 million shares worth N5.292 billion in 6,166 deals.
Trading in the top three equities namely United Bank for Africa Plc, FBN Holdings Plc and Access Holdings Plc (measured by volume) accounted for 564.882 million shares worth N16.990 billion in 8,493 deals, contributing 32.56% and 34.85% to the total equity turnover volume and value respectively.
