NGX Slumps over Selloffs in Dangote Cement, MTN Nigeria
The equities segment of the Nigerian Exchange (NGX) dipped further into the bear territory as profit-taking on cement major, Dangote Cement and telecom giant MTN Nigeria Plc undermined performance.
This is coming after the local bourse lost N622 billion on Monday, and it closed the previous week negative as buying sentiments begin to slow down as the first quarter of the year comes to a close.
Trading data obtained from the local bourse indicates that the large-cap stocks: DANGCEM lost 4.17% while MTNT declined by 4.3%.
After four trading session losing streaks, the All-share index dropped by -0.47% as market capitalisation declined by ₦138 billion Specifically, the market index declined by 252.50 basis points to close at 53,498.27.
However, market activities were mixed, as the total volume traded for the day increased by 97.97%, while the total value traded for the day reduced by -55.65%.
Stockbrokers at Atlass Portfolios Limited said in a market note that approximately 199.71 million units valued at ₦1,925.65 million were transacted in 3,028 deals.
TRANSCORP was the most active stock, with 61.49 million shares worth N85.31 million changing hands in 151 deals. The company accounted for 30.32% of the total volume of trades, followed by FIDELITYBK (13.29%), CUSTODIAN (9.85%), STERLNBANK (9.20%), and GTCO (5.79%).
Meanwhile, GTCO was the most traded stock in value terms, with 14.18% of the total value of trades on the exchange.
PZ topped the advancers’ chart with a price appreciation of 9.62 percent, trailed by INTENEGINS 9.24% gain. MULTIVERSE share price rose by 8.72%, FTNCOCOA pop up by 7.69%, and REGALINS advanced by 6.90%.
Nine stocks depreciated, stockbrokers stated. CHAMS was the top loser, with a price depreciation of -8.00%, as UACN (-5.76%), DANGCEM (-4.17%), FIDSON (-2.95%), and PRESTIGE (-2.44%) also dipped in price.
Trading results showed that the market breadth closed positive, recording 16 gainers and 9 losers while sector performance closed positive.
Three of the five major market sectors were up; topped by the Consumer goods sector (+1.50%), followed by the Insurance sector (+0.46%), and the Banking sector (+0.27%). The Industrial sector dropped by (-2.18%) while The Oil & Gas sector was unchanged.
Overall, the equities market capitalisation declined by ₦137.55 billion to close at ₦29,143.79 trillion from ₦29,281.34 trillion yesterday. # NGX Slumps over Selloffs in Dangote Cement, MTN Nigeria
