NGX Tumbles as Investors Dump DANGCEM, ARDOVA
The combined market value of stocks traded on the Nigerian Exchange (NGX) pull back from making further trajectory on Thursday, fell by about N281 billion due to selloffs in Dangote Cement, Ardova, and Sterling bank shares among others.
Weaker sentiment triggered selloffs that started after the intraday result showed an uptrend halted the two-day positive drive. Today, the Nigerian stock market performance indicators dipped by 1.12 per cent.
Speaking with MarketForces Africa, stockbrokers attributed the significant decline to sell-down in Dangote Cement (Ticker: DANGCEM) and seventeen (17) other small and medium capitalized stocks.
Consequent to the selling rally, the Nigerian Exchange All-Share Index tumbled 520.76 basis points, representing a decrease of 1.12 per cent to close at 46,009.23 points. Also, equity market capitalisation declined by ₦280.62 billion to close at ₦24.79 trillion.
Following today’s trading trend, stock market activities were bearish as the total volume and value traded plummeted by 15.06 per cent and 42.64 per cent, respectively.
Approximately 279.44 million units valued at ₦2.76 billion were transacted in 4,582 deals, according to a market update from Atlass Portfolios Limited. UPDCREIT led the most traded stock in terms of volume, accounting for 16.59 per cent of the total volume of trades.
The company was followed closely by COURTVILLE (12.91%), TRANSCORP (6.04%), GTCO (5.74%) and MULTIVERSE (3.84%) to complete the top five on the volume chart.
Data from the Nigerian Exchange shows that GTCO emerged as the most traded stock in value terms, with 14.83 per cent of the total value of trades on the exchange. GUINNESS and INTBREW led the advancers’ chart with a maximum price appreciation of 10.00 per cent each.
The brewer was trailed by ETI (9.63%), UNILEVER (7.28%), JBERGER (3.21%), BUACEMENT (2.87%), NB (2.43%), STANBIC (1.85%), UBA (0.61%), ZENITHBANK (0.39%), SEPLAT (0.13%) and fifteen (15) others.
Equally, eighteen (18) stocks depreciated in price, led by NEM with a price depreciation of 8.57 per cent to close at ₦3.20.
DANGCEM share price declined 8.53%, ARDOVA lost 4.96%, STERLNBANK dropped off 3.64%, OANDO dipped 2.13%, UCAP shed 1.36%, FBNH slid 1.30%, UACN tanked 1.11%, MANSARD bumped 0.43% and FLOURMILL was priced down 0.17%.
Overall, the market breadth closed positive, recording 26 gainers and 18 losers. Equity market sector performance was broadly negative, led by Industrial Goods (-3.25%), Insurance (-1.79%) and Oil & Gas (-0.48%).
Today, the Consumer Goods and Banking sector rose by 1.77% and 1.08%, respectively, as against the previous session. #NGX Tumbles as Investors Dump DANGCEM, ARDOVA
