Equities Market Falls as Investors Offload Dangote Cement
The equities segment of the Nigerian Exchange, NGX, was soaked into the red as investors started unbundling some high-cap stock, led by selloffs in Dangote Cement – one of the market movers in the local bourse.
Consequently, the All-share index (ASI) backpedalled, losing some 16 basis points from its previous position to close at 52,615.51 points. Stockbrokers said the negative outing was primarily driven by sell pressure across Industrial Goods heavyweights as well as Consumer Goods counters.
Accordingly, key performance indicators slope downward while year-to-date return moderated to 2.7%. As measured by market breadth, market sentiment was negative (0.8x), as 21 tickers lost relative to 17 gainers.
Meanwhile, the total volume traded declined by 4.6% to 217.95 million units, valued at NGN4.47 billion, and exchanged in 3,377 deals. STERLNBANK was the most traded stock by volume at 94.27 million units, while GEREGU was the most traded stock by value at NGN1.35 billion.
DANGSUGAR and INTBREW lost 2.00% each which eclipsed the 0.63% and 1.03% gains in AIRTELAFRI and GTCO. Though market turnover increased by 0.63% to N4.5 billion, the total value traded narrowed by 4.6% to 218.0 million.
STERLNBANK (-1.30%) led the volume log, trading 94.3 million units (43.3% of market volume), while GEREGU (-0.14%) was the most traded counter on a value basis, trading 10.1 million units at N1.4 billion (30.3% of today’s value trade)
Following losses recorded in Dangote subsidiaries: DANGCEM which shed 1.85% of its market valuation and DANGSUGAR which lost 2.00% per share. In addition, the Industrial Goods and Consumer Goods indices dipped by 0.99% and 0.20%, respectively.
On the bright side, the Insurance (+1.36%), Oil & Gas (+0.07%), and Banking (+0.05%) indices appreciated following upticks in CHIPLC (+9.52%), MRS (+3.23%) and GTCO (+1.03%), apiece. #Equities Market Falls as Investors Offload Dangote Cement
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