Nestle, Dangote Cement Lead Stock Market to N168b Loss

By Dipo Olowookere

Transactions at the local equity market closed bearish on Thursday as profit-taking by investors dominated the trading session.

As result, some large cap stocks depreciated in value, leading the market to a 1.42 percent loss and a year-to-date loss of 16.31 percent on the first trading day of the new month of November.

This was as the All-Share Index (ASI) decreased by 459.62 points to close at 32,006.65 points and the market capitalisation reducing by N168 billion to finish at N11.685 trillion.

Topping the losers’ chart yesterday was Nestle Nigeria, which went down by N20 to settle at N1360 per share.

It was followed by Dangote Cement, which depreciated by N6 to close at N203 per share, and CAP, which crashed by N2.85k to end at N25.75k per share.

CCNN closed at N22.50k per share yesterday after losing N2.45k, while Dangote Sugar traded at N12.70k per share after going down by N1.10k.

Conversely, Presco turned in a good performance at the market yesterday, which resulted into the N3.65k gain it recorded to close at N59.85k per share.

Lafarge followed with 35 kobo added to its share price to finish at N17.85k per share, while Flour Mills increased by 25 kobo to end at N18.50k per share.

Fidson appreciated by 20 kobo to settle at N5.10k per share, while Nigerian Breweries also went up by 20 kobo to quote at N82.60k per share.

Business Post reports that despite the loss posted yesterday, the volume and value of shares traded by investors increased significantly by 67.41 percent and 29.02 percent respectively.

A total of 355.8 million equities worth N4.9 billion were traded on Thursday compared with the 212.5 million stocks valued at N3.8 billion transacted on Wednesday.

These trades were dominated by stocks in the Financial Services sector, which accounted for 318 million shares worth N4.2 billion.

This was closely trailed by equities in the Consumer Goods industry, which accounted for 15.5 million units worth N444 million.

FCMB emerged the most transacted stock at the market yesterday, selling 168.7 million units valued at N261.2 million.

It was trailed by GTBank, which sold 85.8 million shares worth N3.2 billion, and Zenith Bank, which exchanged 24.4 million units for N562.9 million.

Transcorp transacted 8.6 million shares worth N10.9 million, while FBN Holdings transacted 6.1 million equities for N48.2 million.