Dangote Cement leads losers’ pack on NSE in bearish market


The free fall of equities continued on the Nigerian Stock Exchange (NSE) on Thursday with major equities recording further depreciation led by Dangote Cement. The floor of Stock exchange Dangote Cement lost N8.84 to close at N260.16 per cent.

Guinness followed on the losers’ table with a loss of N4.15 to close at N116.10, while Stanbic IBTC was down by N2.28 to close at N43.72 per share. GlaxosmithKline depreciated by N2.02 to close at N18.88, while Unilever shed N1.50 to close at N44.50 per share.

Consequently, the All-Share Index downgraded further by 434.34 points or 0.99 per cent to close at 43,529.06 compared with 43,963.40 achieved on Wednesday. Also, the market capitalisation which opened at N15.759 trillion shed N156 billion or 0.99 per cent to close at N15.603 trillion.

Mr Ayodeji Ebo, the Chief Executive Officer, Afrinvest Securities Ltd., said that the market was moderating due to profit taking by some investors. Ebo said that the present downward trend provided an opportunity for new investors to come in.

He said that in spite of the oscillation, the market would sustain full run by year-end with positive government policies.

Ebo said that investors would likely be cautious by second half of the year ahead of 2019 polls. Conversely, Nestle led the gainers’ chart, increasing by N25 to close at N1, 500 per share. Seplat followed with a gain of N7.58 to close at N692.58,

while Dangote Sugar improved by N2.03 to close at N22.10 per share. Flour Mills increased by 80k to close at N30.80, while FBN Holdings appreciated by 50k to close at N13 per share.

The volume of shares traded dropped by 6.63 per cent at investors bought and sold 500.85 million shares worth N6.63 billion exchanged in 6,002 deals. This was in contrast with 536.43 million shares valued at N5.18 billion transacted in 7,370 deals on Wednesday.

Transcorp maintained its leadership as the most traded, trading 66.41 million shares worth N123.41 million.

Fidelity Bank followed with an account of 64.69 million shares valued at N204.59 million, while Access Bank traded 44.84 million shares worth N560.89 million.

United Bank for Africa exchanged 43.13 million shares valued at N524.99 million. (NAN)

Previous articleObasanjo’s letter is not in the best interest of Nigeria’s unity – Kalu
Next articleNaira closes at N360.54 per dollar at investors’ window
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.