Kayode Tokede

The domestic stock market yesterday depreciated by N1.33 trillion on investors’ profit-taking in Dangote Cement Plc and 38 others   quoted companies on the Nigerian Exchange Limited (NGX).

As the stock price of Dangote Cement dropped by  9.88 per cent, the market capitalisation  dropped by N1.33 trillion or per cent to close at N90.227 trillion as against N91.561  trillion it opened  for trading.

With the 9.88 per cent drop in Dangote Cement, investors lost an estimated N961.79   billion in  one-day.

The NGX All-Share Index declined by 2,109.00 basis points or 1.46 per cent, to close at 142,613.47  basis points  to drag dragged the year-to-date (YTD) return down to 38.56 per cent, from the 40.61 per cent in the prior session.

Investor sentiment, as measured by market breadth, closed negative as 26 stocks advanced, while 39 declined. Nigerian Enamelware recorded the highest price gain of 9.95 per cent to close at N35.90, per share. DAAR Communication followed with a gain of 9.82 per cent to close at N1.23 and Deap Capital Management & Trust up by 9.60 per cent to close at N1.94, per share.

Academy Press appreciated by 8.43 per cent to close at N9.00, while International Breweries rose by 6.95 per cent to close at N13.85, per share.

On the other hand, Royal Exchange led the losers’ chart by 10.00 per cent to close at N2.52, per share. Dangote Cement followed with a decline of 9.88 per cent to close at N520.00, while R.T. Briscoe lost 9.87 per cent to close at N3.56, per share.

Jaiz Bank declined by 9.81 per cent to close at N4.32, while Wapic Insurance and Lasaco Assurance shed 9.77 per cent each to close at N3.60 each, per share

Also, the total volume traded fell by 10.4 per cent to 1.027 billion units, valued at N17.664 billion, and exchanged in 34,352 deals. Transactions in the shares of Universal Insurance topped the activity chart with 130.222 million shares valued at N173.672 million. AIICO Insurance followed with 100.112 million shares worth N437.561 million, while Mutual Benefits Insurance traded 68.521 million shares valued at N310.653 million.

Prestige Assurance traded 66.867 million shares valued at N135.371 million, while Regency Alliance Insurance transacted 46.141 million shares worth N69.258 million.

On market outlook, Afrinvest Limited said, “we expect the bearish performance to persist due to profit taking activities.”

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