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Dangote Cement, Seplat Drag Index Down by 0.87%

By Dipo Olowookere

The gains recorded by the Nigerian Stock Exchange (NSE) on Tuesday were reversed on Wednesday following the losses posted by Dangote Cement, Seplat and other stocks.

The local stock market was down by 0.87 percent yesterday as a result of the poor performances of 22 equities led by Dangote Cement and Seplat, both shedding N5 each to settle at N200 per share and N615 per share respectively.

CAP lost N2.05k to end at N30.95k per share, UAC of Nigeria declined by N1 to close at N10 per share, while GlaxoSmithKline depreciated by 50 kobo to finish at N13.50k per share.

On the other hand, the impressive results released by GTBank had a positive impact on its stock, emerging as the day’s highest gainer after adding 35 kobo to its share price to close at N37 per share.

It was followed by Africa Prudential, which grew by 20 kobo to close at N4.20k per share, and Cutix, which advanced by 17 kobo to finish at N2.20k per share.

Continental Reinsurance appreciated by 13 kobo to settle at N1.48k per share, while Oando moved up by 10 kobo to close at N5.10k per share.

Business Post reports that the All-Share Index (ASI) lost 284.83 points yesterday to close at 32,437.35 points, while the market capitalisation reduced by N104 billion to settle at N11.842 trillion.

Transactions at the stock market were poor on Wednesday as the volume of shares traded decreased by 63.63 percent from 662 million to 240.8 million, while the value went down by 31.12 percent from N5.3 billion to N3.7 billion.

The Financial Services sector led the activity chart with 214.6 million shares exchanged for N2.9 billion, with the Consumer Goods following with 7 million units sold for N136 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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