Investors profit-taking in Dangote Cement, others down equities market by N882bn
The equities market of the Nigerian Exchange Limited on Wednesday succumbed to selling pressure as the overall market capitalization shed N882 billion, ending its five-day winning streak.
The All-Share Index (ASI) lost 1,622.36 basis points or 2.47 per cent to close at 64,046.93 basis points. Also, market capitalisation declined by N882 billion to close at N34.874 trillion.
The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; Dangote Cement, Nestle Nigeria, Beta Glass, NASCON Allied Industries and FBN Holdings (FBNH).
As measured by market breadth, market sentiment was negative, as 12 stocks gained relative to 63 losers.
Courteville Business Solutions and Deap Capital Management & Trust emerged the highest price gainer of 10 per cent each to close at 88 kobo and 33 kobo respectively, while Golden Guinea Breweries followed with a gain of 9.88 per cent to close at N2.67, per share.
The Initiates Plc increased by 9.80 per cent to close at 56 kobo, while Morison Industries added 9.79 per cent to close at N2.58, per share.
On the other side, Academy Press, Associated Bus Company, E-Tranzact International, FBNH, NEM Insurance, Prestige Assurance, Tantalizers, Transnational Corporation (Transcorp) and Veritas Kapital Assurance led the losers’ chart with 10 per cent each to close at N2.25, 45 kobo, N8.55, N19.35, N5.49, 54 kobo, 27 kobo, N4.23 and 36 kobo respectively, per share. Cadbury Nigeria followed with a decline of 9.95 per cent to close at N16.75, while Beta Glass shed 9.91 per cent to close at N35.00, per share.
The total volume traded rose by 37.71 per cent to 1.163 billion units, valued at N12.695 billion, and exchanged in 13,878 deals.
Transactions in the shares of United Bank for Africa (UBA) led the activity with 177.793 million shares worth N2.443 billion. Japaul Gold and Ventures followed with account of 110.260 million shares valued at N147.743 million, while Transcorp traded 87.094 million shares valued at N380.713 million.
FCMB Group traded 86.473 million shares worth N577.935 million, while Access Holdings traded 65.445 million shares worth N1.124 billion.
