Nigerian Exchange Crashes 1.98% as Dangote Cement Tops Losers’ Chart

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded a significant loss on Thursday, with investors booking profits in Dangote Cement and other stocks.

The market was down by 1.98 per cent during the session, causing the All-Share Index (ASI) to crash by 5,052.22 points to 249,710.59 points from 254,762.81 points, and weakening the market capitalisation by N3.280 trillion to N162.135 trillion from N165.415 trillion.

During the session, the industrial goods sector lost 7.14 per cent, the insurance counter shrank by 2.51 per cent, the banking index slipped by 0.66 per cent, the consumer goods segment declined by 0.14 per cent, and the energy space dropped 0.04 per cent.

The market breadth index was negative yesterday after Customs Street ended with 20 price gainers and 36 price losers, indicating weak investor sentiment.

Dangote Cement crashed by 10.00 per cent to N1,341.00, Presco also depreciated by 10.00 per cent to N1,656.80, Coronation Insurance tumbled by 9.91 per cent to N2.00, Lasaco Assurance moderated by 8.57 per cent to N1.60, and Austin Laz also fell by 8.57 per cent to N2.24.

On the flip side, CWG gained 9.94 per cent to close at N17.15, Abbey Bank expanded by 9.84 per cent to N6.70, Honeywell Flour rose by 9.82 per cent to N26.85, eTranzact improved by 9.71 per cent to N18.65, and Caverton soared by 8.96 per cent to N3.65.

Market participants transacted 856.3 million stocks worth N74.1 billion in 33,540 deals on Thursday compared with the 552.3 million stocks valued at N37.5 billion traded in 33,047 deals on Wednesday. This showed that the trading volume, value and number of deals grew by 55.04 per cent, 97.60 per cent, and 1.49 per cent, respectively.

First Holdco led the activity chart, with a turnover of 478.4 million units worth N44.9 billion. Access Holdings traded 30.5 million units valued at N823.8 million, Chams exchanged 28.6 million units for N87.1 million, UAC Nigeria sold 23.1 million units worth N3.7 billion, and Zenith Bank transacted 21.7 million units valued at N2.6 billion.