Equities investors lost N150bn as Dangote names plunge

Equities investors lost more than N150 billion in the Nigerian Exchange (NGX), driven by a reduction in the market value of Dangote Cement, Dangote Sugar Refinery Plc, and other decliners. The domestic equities market ended trading activities on a negative, causing key market performance indicators to shed 0.20%. Despite a largely positive market breadth, the negative close was driven by sustained sell pressure in high-cap stocks, notably Ticker: DANGCEM, DANGSUGAR, ZENITHBANK, and others. This marks the fourth consecutive session of profit-taking, resulting in a cumulative loss of approximately ₦960 billion in investors’ wealth. The All-Share Index shed 237.34 basis points today, representing a drop of 0.20% to close at 119,741.23.
Trading activities went south, according to stockbrokers. Total volume and total value of all trades executed in the Nigerian bourse reduced by 74.71% and 75.20%, respectively. In its note, Atlass Portfolio Limited told investors that approximately 513.92 million units valued at ₦10,994.39 million were transacted across 21,221 deals. In terms of volume, ELLAHLAKES led the activity chart, accounting for 8.76% of the total volume of all trades consummated on the exchange, followed by UPDC (7.32%), UNIVINSURE (5.78%), NB (5.50%), and JAPAULGOLD (4.14%), rounding out the top five. Nigerian Breweries emerged as the most traded stock in value terms; transactions on the company’s shares accounted for 15.51% of the total value of trades on the exchange.
MCNICHOLS, RTBRISCOE, HONYFLOUR, and MBENEFIT topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by LASACO (+9.96%), NEIMETH (+9.95%), MEYER (+9.95%), ELLAHLAKES (+9.95%), CAVERTON (+9.95%), and thirty-seven others.
Twenty-three stocks depreciated, according to data obtained from the Nigerian Exchange. UPL was the top loser, with a price depreciation of -10.00%. Other decliners include HMCALL (-4.76%), DANGCEM (-3.41%), DANGSUGAR (-1.78%), ZENITHBANK (-1.58%), and GTCO (-1.23%). Today, the market breadth closed positive, recording 46 gainers and 23 losers. In addition, the market sectoral performance was negative as three out of the five major market sectors dropped. The industrial sector declined by 3.17%, followed by the insurance sector, which fell by 2.24%, and the oil & gas sector, which slumped by 1.86%. The consumer goods and banking sectors recorded gains of 31.60% and 17.99%, respectively. Overall, the equities market cap of the Nigerian bourse lost ₦150.24 billion, representing a decline of 0.20%, to close at ₦75.80 trillion.