Equities Investors Lose N3.28trn as Dangote Cement Tanks
The equities segment of the Nigerian Exchange (NGX) bled deeply with N3.2 8 trillion in market capitalisation as Dangote Cement lost 10% of its market value in the local bourse.
In absolute terms, Dangote Cement Plc lost N2.514 trillion, with 1.919 million units of the company’s outstanding shares traded. Dangote Cement’s loss accounted for about 77% of the market’s downtrend on Thursday.
Market indicators fell by 1.98%, driven by broad-based profit-taking in other medium- and large-cap stocks. The Industrial Goods sector led the decline, shedding 7.14%.
Notable decliners included DANGCEM, HBMNG, PRESCO, and UACN, among others, which posted significant losses during the session.
Consequently, the All-Share Index fell by 5,052.22 basis points to close at 249,710.59, while market capitalisation fell by ₦3,280.36 billion to ₦162.14 trillion.
However, total trade volume and total value of all shares transacted increased by 55.04% and 97.81%, respectively. Traders transacted approximately 856.28 million units valued at ₦74,094.78 million across 33,540 deals.
By volume, ACCESSCORP generated 7.99% and was the most traded, followed by CHAMS (7.50%), ZENITHBANK (5.68%), HONYFLOUR (5.56%), and STANBIC (5.12%).
STANBIC topped the value chart, accounting for 10.76% of total trade value, making it the exchange’s highest-traded stock.
CWG led gains at +9.94%, followed by ABBEYBANK (+9.84%), HONYFLOUR (+9.82%), ETRANZACT (+9.71%), CAVERTON (+8.96%), TRANSPOWER (+8.18%), and thirteen others.
A total of thirty-six stocks depreciated. DANGCEM and PRESCO led the worst performers, down 10.00% each, followed by WAPIC (-9.91%), AUSTINLAZ (-8.57%), LASACO (-8.57%), MANSARD (-8.09%), and UACN (-7.85%).
As a result, market breadth closed negative, with 19 gainers and 36 losers. Sectoral performance was negative today, with all five major market sectors down.
The Industrial goods sector led declines at -7.14%, followed by Insurance (-2.51%), Banking (-0.66%), Consumer goods (-0.14%), and Oil & Gas (-0.04%).
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