Stock Market Down N1.17trn on Profit-taking in Dangote Cement, Others
Stock Market Down N1.17trn on Profit-taking in Dangote Cement, Others
The Nigerian stock market yesterday commenced the week on a downward momentum, with a decline of N1.17 trillion on investors’ profit-taking in Dangote Cement Plc (10 per cent drop) and 23 others.
The Nigerian Exchange Limited All Share Index (NGX ASI) lost by 1,853.82 basis points or 1.26 per cent to close at 145,159.77 basis points. Consequently, the NGX ASI Month-to-Date and Year-to-Date returns settled lower at -5.8per cent and +41.0per cent, respectively.
Also, market capitalisation declined by N1.172 trillion to close at N 92.329 trillion.
Sectoral performance was mixed as the NGX Industrial Goods index (-4.5 per cent), NGX Oil & Gas index (-1.2 per cent) and NGX Banking index (-one per cent) declined, while the NGX Insurance index (+0.1 per cent) advanced. The NGX NGX Consumer Goods index closed flat.
Market sentiment remained balanced, as 28 advancing stocks narrowly outnumbered 24 decliners. Sovereign Trust Insurance recorded the highest price gain of 9.97 per cent to close at N3.20, per share. NCR Nigeria followed with a gain of 9.96 per cent to close at N28.15, while Tantalizers grew by 9.81 per cent to close at N2.35, per share.
Prestige Assurance up by 9.70 per cent to close at N1.47, while Eunisell Interlinked rose by 8.52 per cent to close at N79.00, per share.
On the other hand, Dangote Cement and Nigerian Enamelware led the losers’ chart by 10 per cent each to close at N534.60 and N40.50 respectively, while Transcorp followed with a decline of 4.66 per cent to close at N43.00, per share.
AIICO Insurance depreciated by 4.11 per cent to close at N3.50, while Guinea Insurance declined by 3.97 per cent to close at N1.21, per share.
Also, the total volume traded declined by 92.64 per cent to 388.177 billion units, valued at N31.143 billion, and exchanged in 28,492 deals. Transactions in the shares of Tantalizers topped the activity chart with 57.122 million shares valued at N134.237 million. Aradel Holdings followed with 30.427 million shares worth N21.496 billion, while Guaranty Trust Holding Company (GTCO) traded 21.781 million shares valued at N1.874 billion.
Aso Savings & Loans traded 20.022 million shares valued at N21.653 million, while Sterling Financial Holdings sold 15.500 million shares worth N113.985 million.
On market outlook, Imperial Asset Managers Limited said, “we anticipate a cautious and bearish tone to persist in the near term. Selective bargain-hunting in oversold stocks may occur, but the overall market direction is likely to remain defensive, with the index trading under pressure.”
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