Dangote Cement spurs over N670bn loss at NGX

Nigeria’s equities market decreased further by N671 billion at the close of trading session on Thursday.

The market’s negative close happened as investors sold mostly industrial and consumer goods stocks despite rally seen in oil & gas and insurance stocks.

Shares of Africa’s largest cement maker, Dangote Cement Plc decreased most on the Nigerian Exchange Limited (NGX) by N53.20 or 10 percent, from N532 to N478.80. It was followed by that of CWG which decreased from N6.50 to N6.20, adding 30 kobo or 4.62 percent.

Meanwhile, Seplat Energy Plc increased most, from day-open low of N4103.10 to N4513.40, adding N410.30 or 10 percent.

The market which opened October in red has decreased this month by 1.52 percent, while this week it has decreased by 1.42 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further on Thursday by 1.19 percent, from preceding trading day’s highs of 98,232.39 points and N56.447 trillion respectively to 97,064.42 points and N55.776 trillion.

The market’s return year-to-date (YtD) decreased to +29.81 percent. In 8,565 deals, investors exchanged 268,394,149 shares worth N6.758 billion.

Stocks like UBA, Zenith Bank, Sterling Financial Holdings Company, Dean Capital and Caverton Offshore Support Group were actively traded on Thursday.