Stock Market Drops by N1.06trn on Profit-taking in Dangote Cement, 40 Others
Kayode Tokede
The Nigerian stock market yesterday saw continued profit-taking, as the market capitalisation declined by N1.06 trillion driven by the losses in Dangote Cement Plc and 40 others.
As the stock price of Dangote Cement depreciated by 9.98per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) lost 1,745.16 basis points or 1.66 per cent to close at 103,622.09 basis points, with the Year-to-Date returns moderated to +0.7per cent.
Also, market capitalisation declined by N1.06 trillion to close at N63.188 trillion from N65.252trillion the stock market opened for trading.
Analysing by sectors, the NGX Industrial Goods Index depreciated by five per cent, NGX Insurance Index was down by 2.8per cent, NGX Consumer Goods Index decreased by 0.3per cent, and NGX Banking index plummets by 0.1per cent while the NGX Oil & Gas gained 0.3 per cent, the sole gainer.
As measured by market breadth, market sentiment was negative, as 23 stocks gained relative to 41 losers. Northern Nigeria Flour Mills (NNFM) emerged the highest price gainer of 10 per cent to close at N45.10, per share. Livestock Feeds followed with a gain of 9.91 per cent to close at N6.10, while Academy Press advanced by 9.90 per cent to close at N3.22, per share.
University Press rose by 9.82 per cent to close at N4.81, while NEIMETH International Pharmaceuticals appreciated by 9.76 per cent to close at N3.15, per share. On the other side, Honeywell Flour Mills led others on the losers’ chart with 10 per cent to close at N9.54, while Julius Berger and Dangote Cement followed with a decline of 9.98 per cent each to close at N139.80 and N431.00 respectively, per share.
Sovereign Trust Insurance lost 9.68 per cent to close at N1.12, while Prestige Assurance depreciated by 9.30 per cent to close at N1.17, per share.
The total volume traded rose by 1.1 per cent to 511.157 million units, valued at N12.759 billion, and exchanged in 13,052 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 54.352 million shares worth N3.152 billion. Nigerian Breweries followed with account of 32.198 million shares valued at N1.029 billion, while Universal Insurance traded 30.822 million shares valued at N22.558 million.
AIICO Insurance traded 26.586 million shares worth N47.172 million, while Chams Holding Company traded 19.945 million shares worth N40.901 million.
