Equities Investors Lose N202bn as Dangote Cement Flips
Equities investors lost about N202 billion as Dangote Cement flipped, losing 10% of its market value on the Nigerian Exchange (NGX) trading platform on Friday.
The pause to bullish trend moderated year to date return while key market performance indicators dropped by 0.30% apiece, according to data from the local bourse.
Despite a largely positive market breadth, the downturn was triggered by sell-offs in heavyweight stocks such as Dangote Cement, the most capitalised company, and 13 others, stockbrokers said in separate report.
The All-Share Index reduced by 321.21 basis points to close at 105,753.05 as bears overran the exchange. Market activities were up though, as the total volume and total value of trades conducted in the local exchange increased by 30.41% and 94.54%.
In its note, Atlass Portfolios Limited told investors that approximately 428.08 million units valued at ₦20,174.97 million were transacted across 14,284 deals.
In terms of volume, GTCO led the activity chart, accounting for 14.40% of the total volume of all trades consummated, followed by FIDELITYBK (9.82%), ACCESSCORP (9.62%), MTNN (7.82%), and ZENITHBANK (5.44%), rounding out the top five.
MTNN emerged as the most traded stock in value terms, accounting for 40.98% of the total value of transactions on the exchange on Friday. IKEJAHOTE, INTBREW and LEGENDINT topped the advancers’ chart with a price appreciation of 10.00 percent each.
Other gainers include VITAFOAM (+9.93%), CADBURY (+9.92%), ETERNA (+9.92%), NASCON (+9.74%), ETI (+9.40%), and thirty-three others.
On Friday, fourteen stocks depreciated, according to details obtained from the domestic bourse. DANGCEM was the top loser, with a price depreciation of -10.00%.
Other decliners include REGALINS (-8.06%), VFDGROUP (-7.57%), CUSTODIAN (-4.97%), DANGSUGAR (-2.03%), and ACCESSCORP (-0.42%). Further review of trading activities showed that the market breadth closed positive, recording 41 gainers and 14 losers.
The sectoral performance was positive, as four of the five major market sectors surged, led by the consumer goods sector, which advanced by 2.21%.
The banking sector rose by 1.55%, and the insurance sector surged by 1.50%, while the oil & gas sector popped higher by 0.07%. The industrial sector recorded a loss of 4.73%. Overall, the equities market capitalisation dropped by ₦201.88 billion to close at ₦66.47 trillion. #Equities Investors Lose N202bn as Dangote Cement Flips#
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