Market dips by N154bn as Dangote Sugar, Others shed weight


April 30, 2024.

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Azonuchechi Chukwu.

Investors lost N154bn on Monday on the back of the decline suffered by Dangote Sugar, Secure Electronic Technology, CAP and 17 other stocks.

Bearish trading followed the prevailing sentiments in the market in recent times as investors’ appetites waned.

This is despite the local bourse seeing more advancing stocks (25) than declining ones (19) at the close of trading.

On the gainers’ chart were Sterling Financial Holding Company, FBN Holdings and Honeywell Flour Mill, which gained 9.95 per cent, 9.83 per cent and 9.40 per cent to close trading at N4.20, N22.35 and N3.49, respectively.

Sectoral performance remained mostly bearish, with losses across various indices. The banking, insurance, and consumer goods sectors experienced declines of 0.41 per cent, 0.70 per cent, and 0.79 per cent, respectively.

Meanwhile, the oil and gas and industrial goods indices remained relatively stable, dipping marginally by 0.02 per cent each.

Regardless of this downturn, trading activity increased, indicating positive market movement.

Total deals, volume, and value increased by 32.39 per cent, 4.59 per cent, and 1.20 per cent, respectively.

There were 8,714 trades, with a trading volume of 277.24 million units valued at N5.08bn.

The shares of United Bank for Africa emerged as the most traded security in terms of volume and value, with 34.56 million units exchanged, valued at N799.45m in 646 deals.(

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Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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