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Stock Market Down N107.6bn on Profit-taking in Dangote Cement, Others
Kayode Tokede
Investors’ profit-taking continued on the Nigerian Exchange Limited (NGX) yesterday as loses in Dangote Cement Plc, Presco Plc and 38 others lowered the market capitalisation by N107.6billion.
The stock price of Dangote Cement dropped by 0.61 per cent or N5.00 per share from N815.00 it opened for trading too close at N810.00 per share. Consequently, the market value of the cement producing company declined by N84.4 billion in one-day.
With the 0.61 per cent drop in Dangote Cement, the market capitalisation declined by N107.6 billion to close at N125.75 trillion from N125.857 trillion when the stock market opened for trading.
Also, the NGX All-Share Index depreciated by 167.57 basis points or 0.09 per cent to close at 195,898.54 basis points from 196,066.11 basis points, with the Month-to-Date and Year-to-Date returns settling at +1.6per cent and +25.9per cent, respectively.
The NGX Insurance Index and NGX Consumer Goods dipped by 0.4 per cent, respectively and NGX Oil & Gas Index was down by 0.1 per cent, while the NGX Industrial Goods index advanced by 1.4per cent.
The NGX Banking Index closed flat. As measured by market breadth, market sentiment was negative (0.7x), as 39 stocks lost relative to 29 gainers. Presco dropped by 10 per cent to close at N2,083.90 per share, followed by UACN that declined by 9..97 per cent to close at N104.25 per share.
Morison down by 9.94 per cent to N10.87 per share, while Living Trust depreciated by 9.91 per cent too close for trading at N4.82 per share. In addition to the top five losers was SCOA when its stock price declined by 9.86 per cent to N25.15 per share.
From the stock market gainers table, NGX Group advanced by 10 per cent to close at N186.45 per share as Premier Paints gained 9.92 per cent to close at N19.40per share.
Omatek appreciated by 8.95 per cent to close at N2.80 per share, while the stock price of Prestige increased by 8.39 per cent to close at N1.68 per share. HMCall also rose by 6.67 per cent to N4.00 per share.
The total volume traded declined by 10.1per cent to 671.27 million units, valued at N26.13 billion, and exchanged in 58,792 deals. Wema Bank was the most traded stock by volume and value at 106.36 million units and N2.75 billion, respectively.
