Reversing the previous day’s gain, the Nigerian stock market closed negative yesterday, shedding N1.334 trillion in market capitalisation following sell-offs in Dangote Cement Plc and 38 other equities.
The All-Share Index dropped by 2,109.00 points, representing a 1.46 per cent decline, to settle at 142,613.47 points. Similarly, the overall market capitalisation fell to N90.227 trillion from the previous day’s N91.561 trillion.
The downturn was largely driven by price depreciation in heavyweight and medium-cap stocks such as Dangote Cement, CAP Plc, Zenith Bank, Nigerian Exchange Group, and NASCON Allied Industries.
Commenting on the outlook, Afrinvest Limited noted, “We expect the bearish performance to persist due to profit-taking activities.”
Investor sentiment also closed weak, as market breadth showed 39 losers against 26 gainers. Nigerian Enamelware led the advancers with a 9.95 per cent rise to close at N35.90 per share. DAAR Communication followed with a 9.82 per cent gain to N1.23, while Deap Capital Management & Trust rose by 9.60 per cent to N1.94 per share. Academy Press gained 8.43 per cent to close at N9.00, and International Breweries appreciated by 6.95 per cent to N13.85 per share.
On the flip side, Royal Exchange topped the losers’ chart, declining by 10.00 per cent to close at N2.52 per share. Dangote Cement trailed with a 9.88 per cent drop to N520.00, while R.T. Briscoe fell 9.87 per cent to N3.56. Jaiz Bank lost 9.81 per cent to N4.32, while both Wapic Insurance and Lasaco Assurance shed 9.77 per cent each to close at N3.60 per share.
Meanwhile, trading activity weakened as the total volume traded dipped by 10.4 per cent to 1.027 billion units valued at N17.664 billion in 34,352 deals. Universal Insurance led the activity chart with 130.222 million shares worth N173.672 million. It was followed by AIICO Insurance with 100.112 million shares valued at N437.561 million, and Mutual Benefits Insurance with 68.521 million shares worth N310.653 million. Prestige Assurance exchanged 66.867 million shares valued at N135.371 million, while Regency Alliance Insurance recorded 46.141 million shares worth N69.258 million.
