Sell-offs in Dangote Cement draw stock market to N137.55bn


By Philemon Adedeji

At the close of trade yesterday on the Nigerian Exchange Limited (NGX) bearish sentiments continued to persist for the second day of the week primarily driven by selloffs in index heavyweight, Dangote Cement which offset gains in BUAFOODS.

The NGX All-Share Index (ASI) decreased further by 31.55 basis points or 0.47 per cent to close at 53, 498.37 absolute points from 53,750.77 absolute points it closed trade on Monday.

The downturn performance was impacted by price depreciation in medium and large capitalized stocks which are, Chams, UACN, Dangote Cement, others.

As a result, the year-to-date (YTD) return fell to 4.38 per cent, while the market capitalization shed N137.55 billion to close at 28.940 trillion.

Analysis of yesterday’s market activities indicated that trade turnover closed lower relative to the previous session, with the value of transactions down by 52.72 per cent.

The trade volume decreased further to 101 per cent to 202,850,185 million shares worth N2.052 billion were exchanged in 3,071 deals.

Transnational Corporation led the volume chart with 61.49 million units traded, while Guaranty Trust Holding Company (GTCO)  led the value chart in deals worth N291.14 million.

On the positive side, PZ Cussion led as the highest price gainer which appreciated by 9.62 per cent increased to close at N11.40 per share, closely followed by International Energy Insurance went up by 9.24 per cent, while Multiverse and Mining Evaporation rose by 8.72 per cent to close at N3.24 per share.

FTNCOCOA Processor which recorded as the last fourth gainer grew by 7.69 per cent to close at N0. 28 per share, while Regalins Insurance which recorded as the last fifth gainer grew by 6.90 per cent to close at N0.31 per share.

However, On the Negative side Chams plc led the losers chart by 8.00 per cent to close at N0.23 per share, UACN which followed depreciated by 5.76 per cent to close at N9.00 per share, while Dangote Cement went down by 4.17 per cent to close at N276.00 per share.

Fidson healthcare which recorded as the last fourth loser suffered 2.95 per cent to close at N9.55 per share, while Prestige Assurance which recorded as the last fifth loser dipped by 2.44 per cent to close at N0.40 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 61.493 million shares worth N85.307 million, Fidelity Bank which followed exchanged 26.956 million shares valued at N139.044 million, while Custodian Investment transacted 19.969 million shares worth N121.803 million.

Sterling Bank accounted 18.651 million shares valued at 29.371 million, while Guaranty Trust Holding Company traded 11.737 million shares valued at N291.138 million.