Nigerian Exchange lost N1.1 trillion as investors dumped Dangote cement shares

The Nigerian Exchange (NGX) spiraled downward, lost more than N1.1 trillion on Friday as shareholders exited their positions at Dangote Cement Plc following an earnings release.

The Nigerian equity market closed trading activities for the week bearish, extending its losing streak to four consecutive trading days, according to stockbrokers.

The All-Share Index fell by 1,955.47 basis points, representing a decrease of -1.95% to close at 98,201.49. The downward trend was a result of investors sell-offs in some medium and large-scale stocks.

OANDO topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by FCMB which gained 8.22%. Others gainers include WAPIC (+7.50%), CONHALLPLC (+6.15%), NAHCO (+5.95%), FTNCOOCA (+5.70%), and eleven others.

Twenty-five stocks depreciated, according to data from the Nigerian Exchange. ETERNA was the top loser, with a price depreciation of -10.00%. Other losers include DANGCEM (-9.99%), MECURE (-9.50%), MANSARD (-6.05%), ACCESSCORP (-2.63%), and JAPAULGOLD (-2.62%).

Given the trading direction, the market breadth closed negative, recording 17 gainers and 25 losers. Also, the market sectoral performance ended in negative as the week comes to a close.

The Industrial Goods (-5.89%), Oil & Gas (-0.54%), banking (-0.33%), and Consumer Goods (-0.14%) indices recorded negative returns on the back of selloffs in DANGCEM (-9.99%), ETERNA (-10.00%), ACCESSCORP (-2.63%), and DANGSUGAR (-1.32%), respectively.

Conversely, the Insurance (+0.32%) index recorded positive returns following buying interest in WAPIC (+7.50%).

Overall, the equities market capitalisation of the Nigerian Exchange plunged by ₦1.107.26 trillion, representing a drop of -1.95%, to close at ₦55.61 trillion.