Dangote cement drags equity market down by N67bn
At the end of Thursday’s trading session, the Nigerian equity market experienced a decline of N671bn, primarily due to the performance of Dangote Cement.
The market capitalisation and all share index of the exchange dipped by 1.19 per cent to close at N55.8tn and 97,064.42, respectively.
This decline represents a one-week loss of 1.94 per cent, a four-week gain of 0.2 per cent, and an overall year-to-date gain of 29.81 per cent.
Also, a total of 268,394,149 million shares were traded in 8,565 deals, corresponding to a market value of N6.76bn. This data reflects a 37 per cent decline in volume, a 20 per cent decline in turnover, and a 28 per cent decline in deals compared to the previous trading day.
In total, 119 listed equities participated in trading today, resulting in 23 gainers and 28 losers. Seplat Petroleum Development Co. emerged as the top gainer with a share price appreciation of 10 per cent. Other notable gainers included Livestock Feeds (+9.93 per cent ), Regency Alliance Insurance (+9.76 per cent), and Caverton Offshore Support Group (+9.63 per cent).
Conversely, Dangote Cement and McNichols recorded the most significant drop, with an end-of-day price depreciation of 10 per cent. Other major losers include Secure Electronic Technology (-7.58 per cent), and UPDC Real Estate Investment Trust (-4.72 per cent).
United Bank for Africa reported the highest volume of shares traded at 37.1 million, followed by Zenith Bank (19 million), Deap Capital Management & Trust (13.9 million), and Sterling Bank (13.1 million).
On Wednesday, the Nigerian Stock Exchange resumed trading after the Nigeria independent public holiday with a loss of N188bn. Also, the all-share index dipped by 0.33 per cent to close at 98,232.39, and the market capitalisation stood at N56.5tn.
Investors exchanged 425,764,914 million shares worth N8.45bnin 11,954 deals, as the volume of shares traded declined by 27 per cent, while turnover improved by seven per cent and the number of deals increased by 13 per cent relative to Monday’s figures.
