Dangote Cement, Nascon, Others Push Market Further South

The Nigerian stock market on Wednesday recorded another trading session of negative close, decreasing by 1.75percent or N622billion.

The negative close was driven among others by profit taking in shares of Dangote Cement, Nascon, and Multiverse Mining and Exploration.These stocks led other top laggards at the close of trading on Wednesday.

Equities Market Records First Dip This Week

At the close of trading session on Wednesday August 9, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation decreased further from preceding day’s 65,309.65 points and N35.540trillion respectively to 64,167.39 points and N34.918trillion.

Nascon decreased most, from N41 to N36.90, losing N4.10 or 10percent. Multiverse was down from N3.50 to N3.15, losing 35kobo or 10percent. John Holt also dropped from N1.33 to N1.20, losing 13kobo or 9.77percent.

Dangote Cement decreased from N352 to N320, shedding N32 or 9.09percent, while Universal Insurance dropped from 24kobo to 22kobo, losing 2kobo or 8.33percent.

The market’s record positive return year-to-date (YtD) also decreased to +25.20percent

Sterling Financial, Fidelity Bank, Universal Insurance, UBA and Transcorp were most traded stocks on Wednesday as investors in 6,001 deals exchanged 238,039,943 shares valued at N2.616billion