The Nigerian equity market faced a challenging month in August 2024, with investors losing a total of N36.04 billion as the market experienced multiple dips throughout the period.
The market has shed 0.05% to close at N55.48 trillion at the end of August, down from N55.51 trillion at the end of July.
The all-share index and market capitalization exhibited mixed performance during the month. In the first week, the index and market capitalization appreciated by 0.87%, but this was followed by a 1.51% dip in the second week.
The third week saw a further 1.16% decline, but the market rose marginally in the final week by 0.63%. These losses were spread across various weeks, each contributing significantly to the overall -1.22% decline at the end of August.
The financial services industry dominated the activity charts across the four weeks, leading by volume and value. Investors traded a total of 13.17 billion shares valued at N177.27 billion in 185,102 deals during the month.
The financial services industry accounted for 10.19 billion shares worth N91.34 billion across 82,600 deals, followed by the oil and gas industry with 974.685 million shares worth N33.723 billion traded in 26,014 deals.
In terms of price gains, Oando emerged as a top performer, with its share price rising by 60.71% from N47.85 to N76.90. BUA Foods and Academy Press were among the notable decliners, with BUA Foods' share price falling from N379 to N373.50 after a dividend payout, and Academy Press's share price dropping from N3.02 to N2.92 after its dividend payout.
