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)

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).


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