Stock Market Drops by N1.9trn on Sell-off in Dangote Cement, Others
Kayode Tokede
The Nigerian stock market yesterday closed lower after a wave of investors sell-offs in Dangote Cement Plc and 29 others erased N1.922 trillion from market value, with investors rotating out of large-cap stocks.
As Dangote Cement drooped by 4.9 per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 2,994.90 per cent or 1.23 per cent, to close at 239,734.61 basis points. Similarly, the overall market capitalisation value lost N1.922 trillion to close at N153.859 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Cement, BUA Cement, Nestle Nigeria, Lafarge Africa and Skyway Aviation Handling Company.
However, market breadth was broadly positive, as 41 gainers outpaced 30 losers. Chemical and Allied Products (CAP) and FTN Cocoa Processors recorded the highest price gain of 9.99 per cent each to close at N212.50 and N8.04 respectively, per share. Berger Paints, Meyer and Zichis Agro Allied Industry followed with a gain of 9.97 per cent each to close at N98.75, N17.10 and N30.33 respectively, while DEAP Capital Management & Trust up by 9.93 per cent to close at N6.09, per share.
On the other hand, University Press led the losers’ chart by 10 per cent to close at N4.50, per share. Red Star Express followed with a decline of 9.59 per cent to close at N25.45, while Skyway Aviation Handling Company declined by 8.63 per cent to close at N130.75, per share.
CI Leasing lost 8.50 per cent to close at N7.00, while Consolidated Hallmark Holdings depreciated by 7.54 per cent to close at N6.01, per share.
The total volume traded rose by 29.34 per cent to 1.830 billion units, valued at N72.168 billion, and exchanged in 81,131 deals. Transactions in the shares of NEM Insurance topped the activity chart with 360.565 million shares valued at N7.937 billion. Fortis Global Insurance followed with 214.736 million shares worth N229.827 million, while VFD Group traded 141.465 million shares valued at N1.499 billion.
Access Holdings traded 140.372 million shares valued at N3.384 billion, while FCMB Group transacted 119.621 million shares worth N1.347 billion.
On market outlook, Cowry Assets Management Limited said, heading into Friday’s session, the market is expected to recover its bullish footing as investors recalibrate their portfolios and seek fresh entry positions.
