Stock Market Down N140bn on Profit-taking in Dangote Cement, 20 Others

Kayode Tokede

Opening the week, the stock market of the Nigerian Exchange Limited (NGX) extended losses as investors profit-taking activities in Dangote Cement Plc, 20 others down the overall market capitalization by N140 billion.

The NGX All-Share Index declined by 254.63 basis points or 0.34 per cent, to close at 73,768.64 basis points. Consequently, the overall market capitalisation value lost N140 billion to close at N40.367 trillion.

Losses in industrial heavyweight, Dangote Cement dropped by 2.19per cent and Dangote Sugar Refinery Plc depreciated by 1.31per cent were the primary drivers of the market decline, offsetting the gains in MTN Nigeria Communication Plc appreciated by 0.40per cent, and Guaranty Trust Holding Company Plc (GTCO) that added 0.50per cent.

However, market breadth closed positive, as 40 stocks gained relative to 21 decliners. Eterna recorded the highest price gain of 10 per cent to close at N13.20, per share. AXA Mansard Insurance followed with a gain of 9.96 per cent to close at N5.19, while Multiverse Mining & Exploration up by 9.95 per cent to close at N15.36, per share.

Infinity Trust Mortgage Bank appreciated by 9.93 per cent to close at N4.98 and N14.60 respectively, while Industrial and Medical Gas Nigeria (IMG) rose by 9.85 per cent to close at N11.15, per share.

On the other hand, UACN led the losers’ chart by 10 per cent to close at N13.50, per share. DEAP Capital Management & Trust followed with a decline of 7.25 per cent to close at 64 kobo, while Caverton Offshore Support Group lost 6.59 per cent to close at N1.70, per share.

Royal Exchange lost 6.25 per cent to close at 60 kobo, while Tantalizers depreciated by 6.12 per cent to close at 46 kobo, per share.

The total volume traded increased by 2.27 per cent to 432.914 million units, valued at N12.938 billion, and exchanged in 8,901 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 35.382 million shares valued at N58.742 million. Transnational Corporations (Transcorp) followed with 31.089 million shares worth N279.125 million, while Unity Bank traded 25.117 million shares valued at N40.495 million.

GTCO traded 20.466 million shares valued at N819.270 million, while United Capital transacted 18.767 million shares worth N466.506 million.