Stock Market Sustains Downward Trend, Drops by N2.2tn

Kayode   Tokede 

The Nigerian stock market extended its downward trend this week, with the capitalisation dropping by  N2.2 trillion on profit taking in  Dangote Cement, 39 others. 

As Dangote Cement dropped by 3.6 per cent to close at N1,070.00 per share, the Nigerian Exchange Limited  All-Share Index (NGX ASI) lost 3,398.80 basis points, or 1.41 per cent to close at 237,404.92 basis points.

Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns settled lower at -5.1per cent and +52.8per cent, respectively. 

Sectoral performance was negative as the Industrial Goods (-3.4per cent), Insurance (-2.8per cent), Banking (-1.5per cent), Consumer Goods (-0.6per cent) and Oil and Gas (-0.1per cent) indices declined.

Market breadth was broadly negative as 40 decliners outpaced 13 advancers. Legend Internet recorded the highest price gain of 9.52 per cent to close at N5.75, per share. 

NPF Microfinance Bank followed with a gain of 9.18 per cent to close at N5.35, while Transnational Corporation (Transcorp) rose by 7.32 per cent to close at N44.00, per share.

NEIMETH International Pharmaceuticals went up by 7.03 per cent to close at N9.90, while Daar Communications appreciated by 5.29 per cent to close at N1.79, per share. 

On the other hand, Africa Prudential, Cadbury Nigeria and Tripple Gee & Company led the losers’ chart by 10 per cent each to close at N11.70, N62.10 and N3.60 respectively, per share. 

John Holt followed with a decline of 9.93 per cent to close at N12.25, while McNichols declined by 9.33 per cent to close at N6.80, per share.

Meanwhile, the total volume traded advanced by 4.33 per cent to 691.639 million units, valued at N116.848 billion, and exchanged in 50,025 deals. Transactions in the shares of First Holdco topped the activity chart with 115.836 million shares valued at N7.065 billion. 

Access Holdings followed with 109.646 million shares worth N2.537 billion, while Dangote Cement traded 71.473 million shares valued at N83.394 billion.

Japaul Gold & Ventures traded 25.958 million shares valued at N83.617 million, while FCMB Group sold 25.887 million shares worth N285.860 million.

On market outlook, Cowry Assets Management Limited said, “the market is expected to sustain its bearish trend, weighed down by continued profit-taking activity and lingering uncertainties across the equities market.”