Dangote Cement, UACN, and other losses pull the indexes down by N341b.
When numerous blue-chip stocks, particularly Dangote Cement and UAC of Nigeria (UACN), suffered losses, the bears continued to rule the equities market of the Nigerian Exchange Limited (NGX), and their control decreased by N341 billion.
NewsReport indicate that to conclude, at 53,124.63 points, the All Share Index (ASI) dropped by 626.14 absolute points, or 1.16 percent. The market capitalization saw a similar loss, dropping N341 billion to settle at N28.940 trillion.
The downturn was impacted by losses recorded in medium- and large-cap stocks, amongst which are Dangote Cement, UAC of Nigeria (UACN), Fidson Healthcare, United Capital, and Dangote Sugar Refinery.
On the market outlook, GTI Securities Limited said, “Investors continue to be conservative and sway towards safe stocks as the stock market awaits the dividend announcement by quoted companies.”
Vetiva Dealing and Brokerage said: “Another large-cap counter dampens sentiments, despite the recoveries seen across the board.” “In the absence of any significant price drop in any of the heavyweights, we anticipate a positive close tomorrow.”
However, market breadth closed positive, with 16 gainers versus nine losers. PZ Cussons Nigeria recorded the highest price gain of 9.6 percent to close at N11.400 per share. International Energy Insurance followed with a gain of 9.24 percent to close at N1.30, while Multiverse Mining & Exploration rose 8.72 percent to close at N3.24 per share.
FTN Cocoa processors went up by 7.69 percent to close at 28 kobo, while Regency Alliance Insurance appreciated by 6.90 percent to close at 31 kobo, per share.
On the other hand, Chams Holding Company led the losers’ chart by 8.00 percent to close at 23 kobo per share. UACN followed with a decline of 5.76 percent each to close at N9.00, while Dangote Cement lost 4.17 percent to close at N276.00 per share.
Fidson Healthcare lost 2.95 percent to close at $1.95, while Prestige Assurance shed 2.44 percent to close at 40 kobo per share. Prestige Assurance shed 2.44 percent to close at 40 kobo. United Capital plunged by 1.69 percent to close at N11.60 kobo.
Cornerstone Insurance shed 1.47 percent to close at 67 kobo. Caverton depreciated by 1.00 to close at 99 Kobo. Dangote Sugar Refinery also declined by 60 percent to close at N16.70 kobo.
The total volume traded rose by 101.08 percent to 202.850 million units, valued at N2.053 billion, and exchanged in 3,071 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 61.493 million shares valued at N85.307 million.
Fidelity Bank followed with 26.957 million shares worth N139.045 million, while Custodian Investment traded 19.969 million shares valued at N121.803 million.
Sterling Bank traded 18.652 million shares valued at N29.371 million, while Guaranty Trust Holding Company (GTCO) transacted 11.737 million shares worth N291.138 million.