Investors Lose Nearly N99bn As Dangote Cement Dips

Transactions on the Nigerian Exchange (NGX) closed lower on Thursday, losing N98.57 billion on losses posted by Dangote Cement and 20 other stocks.

The All-Share Index continued its losing streak, dropping 189.10 points or 0.49% to close at 38044.58 basis points. Consequently, NGX's market capitalisation has dropped to N19.83 trillion.

The market downturn was driven by price depreciation in large and medium capitalised stocks amongst which are: Dangote Cement, Guaranty Trust Bank, MRS Oil, Eterna, and UACN.

Compared with yesterday's results, today's data shows a 5 percent improvement in volume but a 26 percent decline in turnover. Market sentiment also closed negative with 16 gainers compared with 21 losers.

Mutual Benefits Assurance led the gainers with a 7.32 percent share price appreciation, closing at N0.44 per share, followed by Regency Alliance Insurance Co. (+7.14%), Cutix (+7.14%), and Consolidated Hallmark Insurance (+6.35%). On the losing side, Sovereign Trust Insurance came out last with an end-of-day price depreciation of 10 percent at N0.27 per share, followed by Associated Bus Company (-8.11%), Academy Press (-7.69%), and Royal Exchange (-6.33%).

Sovereign Trust Insurance recorded the highest volume of 27.1 million traded shares, followed by Mutual Benefits Assurance (17.16 million), UAC of Nigeria (UACN) (15.68 million), and Transnational Corp. of Nigeria (12.52 million).