Investors Exiting in Dangote Stocks Drag NGX Down by N749bn

Equities market capitalisation fell by about N749 billion on Monday as investors offloaded their shares in two Dangote’s brands – the cement and sugar companies.

The selloffs reversed early uptrend reported by MarketForces Africa, extending negative performance amidst ongoing corporate earnings release.

Data showed the key performance indicators plummeted by 1.36% while year to date moderated further following bearish performance last week – investors lost N847 billion week on week due to dicey economic conditions.

The All-Share Index reduced by 1,318.63 basis points today, reflecting a 1.36% decline to close at 95,781.68, according to details from transaction recorded in the market.

Stockbrokers reported that there was sell-offs in small and large-cap stocks. Investors sell side activities was targeted at Dangote Cement (DANGCEM), BETAGLAS, DANGSUGAR, and others.

In emailed note, Atlass Portfolios Limited told investors that market activities inched higher with the total volume and total value traded increased by 916.20% and 2.47%, respectively.

Citing data from the Nigerian Exchange, stock analysts explained that approximately 3,546.02 million units valued at ₦7,649.38 million were transacted across 9,291 deals.

GTCO was the most traded stock in terms of volume, accounting for 14.62% of the total volume of traded, followed by WEMABANK (6.26%), ACCESSCORP (6.10%), UBA (5.77%), and FIDELITYBK (5.47%) to complete the top 5 on the volume chart.

Due to its size, GTCO also emerged as the most traded stock in value terms, accounting for 35.81% of the total value of trades on the exchange.

CUTIX, RTBRISCOE, and SKYAVN topped the advancers’ chart with a price appreciation of 10.00 percent each. Other gainers include OANDO (+9.90%) FTNCOCOA (+9.57%), TANTALIZER (+9.09%), CADBURY (+8.84%), WEMABANK (+6.67%), and twenty-three others.

In the market, eighteen stocks depreciated, according to stockbrokers. DANGCEM was the top loser, with a price depreciation of -10.00%.  Other decliners include NSLTECH (-9.76%), AFRIPRUD (-9.68%), BETAGLAS (-9.43%), DANGSUGAR (-5.29%), and ACCESSCORP (-0.78%).

Despite the bearish display, the market breadth closed positive, recording 31 gainers and 18 losers. As expected, the market sector performance was negative, as three of the five major market sectors closed in red.

Sectoral performance details showed that the Industrial index fell by – 4.96%, followed by the Insurance sector which lost -0.71% while the Consumer goods sector dipped by 0.67%.

On the other hand, the Banking and Oil & Gas sectors increased by 0.17% and 0.11% accordingly. Overall, the equities market declined by ₦748.65 billion to close at ₦54.38. #Investors Exiting in Dangote Stocks Drag NGX Down by N749bn

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