Dangote, Aradel Selloffs Drag NGX Index, Investors Lose N2.4trn
Sell pressures in Dangote Cement, Aradel Holdings and other decliners halted Nigerian Exchange (NGX) momentum on Wednesday, with investors losing about N2.4trn.
The local bourse opened trading for the month on a bearish note, with key market performance indicators declining by 1.63%.
The downturn, which completely erased the modest rebound from the previous session, was triggered by fresh profit-taking in medium- and large-cap stocks across key sectors.
The Oil & Gas and Industrial goods sectors, shedding 4.41% and 3.65%, respectively, led the losses. Stockbrokers reported that ARADEL (10%), ZENITHBANK (4.5%), DANGCEM (7.48%), GTCO (-2.4%), UBA (1.04%), and others recorded significant price declines.
The All-Share Index fell by -3,729.11 basis points to close at 225,690.07, while stock market capitalisation shrank by ₦2,392.96 billion to close at ₦144.82 trillion.
Total Volume and total value of all transactions in the market declined by -49.50% and -65.09%, respectively. Investment firm Atlass Portfolio Limited told investors in a note that approximately 488.12 million units valued at ₦13,960.62 million were transacted across 46,929 deals.
STERLINGNG accounted for 25.61% of all trading units in the market, followed by UPDC (8.24%), ACCESSCORP (7.57%), HONYFLOUR (6.94%), and UCAP with 5.82%.
However, ZENITHBANK accounted for 15.35% of the total value of all trades executed in the equity market, making it the most actively traded on the exchange.
Top gainers include AUSTINLAZ, up by+10.00%, trailed by GUINEAINS (+9.89%), ABBEYBANK (+9.66%), DAARCOMM (+9.60%), REGALINS (+9.52%), SOVRENINS (+7.85%), and thirteen others.
A total of thirty-one stocks depreciated. With a price depreciation of -10.00% each, NEIMETH, MCNICHOLS, and ARADEL topped the worst performers’ chart, followed by NASCON (-9.98%), INTBREW (-9.52%), LIVESTOCK (-9.43%), UNIVINSURE (-8.89%), and CHAMPION (-8.52%).
Hence, market breadth closed on a negative note, with 19 gainers and 31 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Oil & Gas sector led the decline by -4.41%, followed by the Industrial Goods sector (-3.65%), the Banking sector (-1.49%), and the Consumer Goods sector (-0.93%). Only the Insurance sector appreciated by 0.42%. Wall Street Up as Tech Stocks Dominate Global Markets Theme
