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HomeBusinessNigeria's stock down N341 bln on profit-taking in Dangote Cement, MTN shares

Nigeria’s stock down N341 bln on profit-taking in Dangote Cement, MTN shares

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By Ifeyinwa Ezeokoli

The bears continued to dominate the domestic stock market, with investors net worth dropping further by N341 billion in about six hours of trading on Tuesday.

This was due to sustained negative sentiment occasioned by profit-taking in Dangote Cement and MTNN stocks.

Accordingly, the market capitalization dipped by N341 billion to close at N28.940 trillion.

Similarly, the All-Share Index lost 626.14 points to close at 53,124.63, a decrease of 1.16 percent.

Consequently, the month-to-date and year-to-date returns printed -4.8 percent and +3.7 percent, respectively.

The downturn was impacted by losses recorded in medium and large-cap stocks, amongst which are Dangote Cement, UACN, Fidson Healthcare, United Capital, and Dangote Sugar Refinery.

On the market outlook, GTI Securities Limited said, “Investors continue to be conservative and sway towards safe stocks as the stock market awaits the dividend announcement by quoted companies.”

However, market breadth closed positive with 16 gainers versus nine losers.

Chams Holding Company led the losers’ chart by eight percent to close at 23k per share.

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UACN followed with 5.76 percent to close at N9, while Dangote Cement lost 4.17 percent to close at N276 per share.

Fidson Healthcare lost 2.95 percent to close at $29, while Prestige Assurance shed 2.44 percent to close at 40k per share.

On the other hand, PZ Cussons topped the gainers’ chart with 9.6 percent to close at N11.40 per share.

International Energy Insurance followed with a gain of 9.24 percent to close at N1.30, while Multiverse Mining & Exploration rose 8.72 percent to close at N3.24 per share.

FTN Cocoa processors went up by 7.69 percent to close at 28K, while Regency Alliance Insurance appreciated by 6.90 percent to close at 31K per share.

The total volume traded rose by 101.08 percent to 202.85 million units, valued at N2.05 billion, exchanged in 3,071 deals.

Transactions in the shares of Transcorp topped the activity chart with 61.49 million shares valued at N85.31 million.

Fidelity Bank followed with 26.96 million shares worth N139.05 million, while Custodian Investment traded 19.97 million shares valued at N121.80 million.

Sterling Bank traded 18.65 million shares valued at N29.37 million, while Guaranty Trust Holding Company transacted 11.74 million shares worth N29.14 million.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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