The NGX’s top gainer for the week ending July 19, 2024, was United Capital Plc, whose share price increased by 42.78% to close at N40.55.
 During the week, there was increased interest in United Capital, particularly following the announcement that it will be paying interim dividends for the first time ever.
The NGX had a gain of 0.87% in the week ending July 19, 2024, bringing its market capitalization to N56.93 trillion, its highest level since mid-April, and an All-Share Index of 100,539.4 points.
The market surpassed June’s inflation rate of 34.19%, resulting in a return on investment for the NGX of 34.46% so far this year.
Top performers for the week
The value of United Capital’s shares increased by 42.78%, from N28.40 to N40.55. A little over 75.7 million United Capital shares were traded during the week as a result of increased investor interest after the business announced its interim dividend.
United Capital has generated a 76.3% return thus far this year.
- The price of shares of Africa Prudential Plc also changed during the week, rising from N7.40 to N9.90, or 33.78%. Cutix Plc followed, increasing in value by 29.65% to end the week at N5.99 from N4.62 at the beginning.
- With 232 million shares exchanged over the course of the week, Cutix Plc was among the most actively traded equities on the NGX.
- Oando saw an 11.28% gain over the week, trailed by Champion Breweries Plc’s 12.09% gain. With a 73.8% gain so far this year, Oando Plc has been quite optimistic.
- NAHCO Plc’s share price closed at N39.40, marking a 9.44% gain. Sunu Assurances Nigeria reported an 8.87% gain, and Learn Africa Plc reported a 9.38% gain.
- The Initiates Plc produced a 7.50% rise to round out the top 10 gainers for the week, followed by University Press plc’s 8.66% gain.
Top losses for the week
The biggest decliner of the week was Linkage Assurance Plc, whose share price dropped from N1.14 to N0.86 over a 24.56% decrease. The stock’s price has dropped 42.67% from its N1.50 year-high.
- Veritas Kapital Assurance, which saw a weekly fall of 11.67%, was also included on the losers list.
- The stock has been among the top performers on the NGX in 2024, and its decrease has been an indication that investors are looking to cash in on its high price.
- Over the course of the week, Vitafoam fell 10.38% and Chellarams fell 9.76%. The Nigerian Exchange Group saw a decline of 8.37% and McNichols Plc of 9.01%, respectively.
- FTN Cocoa saw a decrease of 6.40% and Consolidated Hallmark Holdings saw a decline of 8.28%.
- Despite being among the top gainers the week before, Livestock Feeds Plc experienced a 6.38% decline this week, landing on the top decliners list.
- With a 6.16% decline, Cornerstone Insurance finished last on the list of the top 10 decliners.
Additional market highlights
During the week ending July 19, 44,277 transactions totaling 2.827 billion shares valued at N42.366 billion were executed by investors on the NGX. This is in contrast to the N85.230 billion in turnover of 2.765 billion shares in 40,796 deals during the previous week.
With 2.179 billion shares worth N30.667 billion exchanged across 25,260 deals, the Financial Services stocks dominated the activity chart by volume. This accounted for 77.08% of the total equity turnover volume and 72.38% of its value.
Then came the Industrial Goods stocks, with 2,068 sales involving 246.921 million shares valued at N2.039 billion.
Oil and gas stocks came in third place with 3,128 deals totaling 107.218 million shares valued at N1.704 billion.
