Transactions on the Nigerian Exchange Limited (NGX) closed on a downward note, occasioned by losses in shares of Dangote cement and 17 companies, causing market capitalisation to decline by N280 billion.
At the close of trading yesterday, the All-Share Index declined by 520.76 per cent, representing a decrease of 1.12 per cent, to close at 46,009.23 points. Similarly, the overall market capitalisation value lost N280 billion to close at N24.793 trillion.
Analysts at Vetiva Dealings and Brokerage said: “With the market being lifted mostly by heavyweight stocks, we expect profit-taking activities to sometimes offset some of these gains, as seen in Dangote Cement today.
“We anticipate further mixed activity in tomorrow’s session with a slightly bullish close to end the week, as investors continue to trade cautiously whilst cherry-picking attractive counters across the board.”
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: Dangote Cement, Ardova, NEM Insurance, May & Baker Nigeria and United Capital.
However, the market breadth closed positive, recording 26 gainers and 18 losers.
NEM Insurance led the losers’ chart by 8.57 per cent to close at N3.20, per share. Dangote Cement followed with a decline of 8.53 per cent to close at N260.60, while AIICO Insurance dropped by five per cent to close at 76 kobo per share.
Ardova depreciated by 4.96 per cent to close at N12.45, while Multiverse Mining and Exploration declined by 4.76 per cent to close at 20 kobo, per share. May&Baker depreciated by 4.44 per cent to close at N4.30 kobo.
Jaiz Bank lost 4.29 per cent to close at 67 kobo. Sovereign Trust Assurance declined by 4.17 per cent to close at 23 kobo. Sterling Bank dropped 3.64 per cent to close at N1.59 kobo. Oando also shed 2.13 per cent to close at N4.60 kobo.
On the other hand, Guinness Nigeria and International Breweries recorded the highest price gain of 10 per cent each to close at N46.75 and N5.50 respectively, while Ecobank Transnational Incorporated (ETI) followed with a gain of 9.63 per cent to close at N11.95, per share.
Prestige Assurance up by 9.52 per cent to close at 46 kobo, while Unilever Nigeria appreciated by 7.28 per cent to close at N14.00 per share. Cutix gained 4.17 per cent to close at N2.50 kobo while Mutual Benefits Assurance rose by 3.85 per cent to close at 27kobo.
Transnational Corporation of Nigeria appreciated by 3.77 per cent to close at N1.10 kobo. Julius Berger gained 3.21 per cent to close at N24.15 kobo. NPF Microfinance Bank added 3.02 per cent to close at N2.05 kobo. Pz Cussons also garnered 2.94 per cent to close at N7.00.
Total volume traded depreciated by 15.06 per cent to 279.441 million shares, worth N2.763 billion, and traded in 4,582 deals. Transactions in the shares of UPDC Real Estate Investment Trust topped the activity chart with 46.355 million shares valued at N181.873 million. Courteville Business Solutions followed with 36.082 million shares worth N21.321 million.
Transnational Corporation of Nigeria (Transcorp) traded 16.886 million shares valued at N18.247 million. Guaranty Trust Holding Company (GTCO) traded 16.046 million shares valued at N409.660 million, while Multiverse Mining and Exploration sold 10.738 million shares worth N2.201 million.