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Dangote Leads Others To Sustain Market’s N85bn Loss

The Nigerian equity market on Tuesday extended negative sentiment with a loss of N85bn as Dangote Cement Plc and Nascon led other losers.

However, the market breadth closed positive, recording 27 gainers against 12 losers.

Consequently, the All-Share Index dipped by 162.12 basis points or 0.71 percent to close at 22,543.07 index points as against 22,705.19 recorded the previous trading session.

The market capitalization of equities depreciated by N85bn from N11.832tn the previous day to N11.747tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 675.9 million shares exchanged in 7,368 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume); with 427.4 million shares exchanged by investors in 3,709 deals.

Volume in the subsector was largely driven by activities in the shares of FBNH Plc and Zenith Bank Plc.

Also, the banking subsector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 143 million shares in 1,663 deals.

Access Bank Plc, Wapco Plc and UCAP Plc topped the day’s gainers’ table with 10 percent each to close at N6.05, N11.00 and N2.42 per share respectively while Cadbury Nigeria Plc followed with 9.66 percent to close at N1.59 per share. Caverton Plc added 9.62 per cent to close at N5.70 per share.

On the flip side, Dangote Cement Plc and Nascon Plc led the losers with a drop of 10 percent each to close at N137.70 and N8.55 per share respectively while ARDOVA Plc shed 9.80 percent to close at N13.80 per share. CAP Plc trailed with 9.77 percent to close at N18.00 per share.

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Written by PH

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