NGX Tumbles by N614bn on Dangote Cement, MTN Nigeria Selloffs
The equities segment of the Nigerian Exchange (NGX) tumbles further into the bear territory as investors sold off Dangote Cement shares which shed more than 9% combined with a 4.3% price depreciation on MTN Nigeria Plc.
The loss-making streaks drown stock market energy with the benchmark index. Market data shows that the All-Share Index (ASI) dipped 1,139.02 points or 2.26 per cent to close below the psychological mark at 49,350.71 against 50,489.73 posted on Monday.
Stock market year-to-date return moderated to 15.5% while month-to-date loss widened according to Stockbrokers, amidst rising headline inflation that makes naira assets an unimpressive investment.
Today, the market capitalisation declined heavily, shedding a whooping sum of N614.35 billion to close at N26.62 trillion compared with N27.23 trillion achieved on Monday. The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are, Dangote Cement and MTN Nigeria.
Market breadth closed negative, with 16 gainers and 11 losers. Prestige Insurance and NEM Insurance recorded the highest price in percentage terms, with a gain of 10 per cent each to close at 44k and N3.74 per share, respectively.
Ellah Lakes followed with a 9.78 per cent to close at N3.93 per share, while Multiverse Mining and Exploration gained 9.75 per cent to close at N2.06 per share.
Ikeja Hotel appreciated by 9.28 per cent to close at N1.06 per share. Conversely, Cornerstone Insurance led the losers’ chart with a loss of 9.33 per cent to close at 68 per share.
Dangote Cement followed with 9.06 per cent to close at N241, while Japaul Gold and Ventures depreciated by 8.11 per cent to close at 34k per share. READ: Treasury Yield Tumbles as Naira Steady Against Dollar
Sovereign Trust Insurance dropped 7.41 per cent to close at 25k, while Stanbic Bank lost 6.45 per cent to close at N29 per share. Also, the total volume traded closed with an exchange of 140.61 million shares valued at N1.6 billion achieved in 3,895 deals.
Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 3.2 million shares valued at N8.95 million. AIICO Insurance followed with 14.8 million shares worth N8.84 million, while Sterling Bank traded 14.3 million shares valued at N21.41 million.
Sovereign Trust Insurance sold 10.1 million shares worth N2.58 million, while Guaranty Trust Holding Company (GTCO) accounted for 7.85 million shares worth N160.97 million. # NGX Tumbles by N614bn on Dangote Cement, MTN Nigeria Selloffs
