NGX Sees Large Drop as Investors Dump Dangote Cement Shares
The Nigerian Exchange (NGX) sees a large drop on Thursday as investors dump Dangote Cement shares following yesterday rally driven by MTN Nigeria – the second largest quoted company.
Due to the selling rallies on the local bourse today, equity investors lost more than N391 billion as market indicators dipped by 1.77 per cent. The recent trading pattern has become unpredictable ahead of the Santa Claus rally.
There have been some sorts of serious offensive selloffs in the local market as equity investors’ continue to book profits at every slight opportunity, resulting in a seesaw movement.
Today, there was a heavy sell-off on the most capitalized stock in the market (Ticker: DANGCEM) and 14 others, according to Atlass Portfolios Limited analysts note.
Consequently, the Nigerian All-Share Index see a large drop-off, shedding 749.94 basis points to close at 41,685.22 points while year to date returns moderated.
Data from the Nigerian Exchange, NGX, shows that market capitalisation fell by ₦391.32 billion, representing a dip of 1.77 per cent to close at ₦21.75 trillion.
Similarly, the market activities traded southward as the total volume and value traded dipped by 27.13 per cent and 28.15 per cent, respectively. 473.47 million units valued at ₦5.18 billion were transacted in 3,874 deals.
FBNH topped as the traded stock in terms of volume, accounting for 48.27 per cent of the total volume of trades. The bank was followed closely by ACCESS (9.64%), STERLNBANK (8.00%), UNITYBNK (5.59%), and ZENITH BANK (3.95%) to complete the top five on the volume chart.
Also, FBNH emerged as the most traded stock in value terms, with 50.51 per cent of the total value of trades on the exchange. SKYAVN appeared as the most profitable stock to lead the advancers’ chart with a price appreciation of 9.66 per cent.
The company was trailed by OANDO (8.83%), GTCO (4.94%), ZENITHBANK (2.29%), ACCESS (2.22%), WAPCO (2.09%), FBNH (1.75%), VITAFOAM (0.25%), NB (0.11%) and thirteen (13) others.
A total of fifteen (15) stocks depreciated, topped by DANGCEM with price depreciation of 10 per cent to close at ₦252, as NEIMETH (-6.86%), NAHCO (-2.86%), NGXGROUP (-2.67%), UBA (-0.63%), UCAP (-0.51%) and DANGSUGAR (-0.31%) also dipped in price.
However, the market breadth closed positive, recording 22 gainers and 15 losers. Meanwhile, the sector performance was relatively positive, as four of the five sectors appreciated, led by Oil and Gas (1.70%).
The sector was trailed by Banking (1.68%), Insurance (1.11%) and Consumer Goods (0.09%), while the Industrial Goods declined by 5.34% compared to the previous session. #NGX Sees Large Drop as Investors Dump Dangote Cement Shares
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