Equity Investors Lose N438bn as Dangote, GTCO Decline

Equity Investors Lose N438bn as Dangote, GTCO Decline

Equity investors lost about N438 billion on Thursday as market value of Dangote Sugar Refinery, GTCO slumped due to sell pressures. Investors trimmed holding in some bellwether names in the local bourse, reflecting negative sentiment which dragged key performance indicators downward by 49 basis points.

Trading pattern revealed that sell pressures concentrated in medium and high-cap stocks such as ELLAHLAKES, DANGSUGAR, GTCO, WAPCO, and 34 others. The Nigerian Exchange All-Share Index shed 691.52 basis points to close at 140,557.24. Likewise, equity market capitalisation fell by N437.54 billion to close at N88.93 trillion.

However, market activities were up as the total volume and total value of all trades consummated in the local bourse increased by +29.60% and +27.35% respectively. In a note, Atlass Portfolio Limited told investors that approximately 885.02 million units valued at N28,300.63 million were transacted across 26,163 deals.

In terms of volume, CHAMPION led the activity chart, accounting for 22.75% of the total volume of all trades closed in the Nigerian stock market, followed by ACCESSCORP (11.56%), GTCO (10.91%), STERLINGNG (10.28%), and FIRSTHOLDCO (5.23%).

GTCO emerged as the most traded stock in value terms, accounting for 31.48% of the total value of all trades conducted on the exchange.

SCOA topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by RTBRISCOE (+9.80%), NEM (+7.96%), NGXGROUP (+7.94%), MCNICHOLS (+7.04%), AUSTINLAZ (+6.62%) and thirteen others.

Thirty-eight stocks depreciated, according to stockbrokers. INTENEGINS was the top loser, with a price depreciation of -9.62%, trailed by ELLAHLAKES (-8.49%), DANGSUGAR (-5.54%), HONYFLOUR (-4.44%), JAPAULGOLD (-3.94%), and GTCO (-3.11%).

Hence, the market breadth closed negative, recording 19 gainers and 38 losers. In addition, the market sectoral performance was negative.

The Banking sector declined by -1.41%, followed by the Consumer goods which depreciated by -0.92%; the Industrial sector lost -0.45% and the Oil & Gas sector dipped by 0.02%. The Insurance sector increased by +0.44%. #Equity Investors Lose N438bn as Dangote, GTCO Decline Nigeria’s Borrowing Cost Eased as African Eurobonds Rally