Dangote Sugar Plc, one of Nigeria’s most viable listed companies, dipped by 5.28 percent on Wednesday to drag the Nigerian stock market back into the red zone.
Activity at the Exchange was surprisingly low as investors traded 230,645,883 shares worth N3.493 billion in 4,377 deals on Wednesday, against 421,820,943 shares valued at N5.155 billion that exchanged hands in 5,992 transactions on Tuesday.
The market value of all listed stocks depreciated by N22 billion to N25.442 trillion with N11.5 billion of the total decline coming from Dangote Sugar alone. The market value of Dangote Sugar Plc dipped by 5.28% or N11.539 billion to N207.104 billion, down from N218.644 billion it closed on Tuesday.
As expected, the NGX All-Share index shed 0.08% to 47,207.27 index points.
The banking sector gauge also declined by 35bps on Ecobank, Unity Bank, Sterling Bank and United Bank for Africa’s depreciation. Wema Bank and Jaiz Bank closed in the green.
The consumer goods sector lost 58bps on the back of Dangote Sugar, Intbrew and Flour Mill declines despite PZ, Champion and NB posting gains.
Again, the industrial sector shed 2bps while the only gainer for the day was the Oil and Gas sector. The sector gained 3bps.
The year-to-date gain declined to 10.51% even as 26 stocks gained points, against 16 stocks that closed in the red. See the details of top gainers and losers below.
|ETRANZACT||N 2.00||N 2.20||0.20||10.00 %|
|RTBRISCOE||N 0.72||N 0.79||0.07||9.72 %|
|NIGERINS||N 0.22||N 0.24||0.02||9.09 %|
|MAYBAKER||N 5.00||N 5.45||0.45||9.00 %|
|WEMABANK||N 0.89||N 0.97||0.08||8.99 %|
|AFRIPRUD||N 7.80||N 7.35||-0.45||-5.77 %|
|DANGSUGAR||N 18.00||N 17.05||-0.95||-5.28 %|
|CHAMS||N 0.24||N 0.23||-0.01||-4.17 %|
|MBENEFIT||N 0.27||N 0.26||-0.01||-3.70 %|
|ETI||N 11.75||N 11.40||-0.35||-2.98 %|
Bearish Sentiment Persists: Investors Lose N112 Billion on NGX
Nigerian Stock Market Dips as Weak Momentum Drains N39 Billion from Investors
Dr. Yemi Cardoso’s Nomination Boosts Confidence as Stock Investors Gained N264 Billion
The bullish momentum in the Nigerian Exchange Limited continued on Tuesday as investors pocketed N264 billion in profit following Monday’s gains of N263 billion.
Both the market capitalization and the All-Share Index, which gauge the movement of share prices for all listed companies surged by 0.71 percent to N37.413 trillion and 68,359.22 points, respectively.
This optimistic trading trend emerges as investors increasingly show confidence in the local market and the broader economy, fueled in part by the news of Dr. Yemi Cardoso’s nomination as the Governor of the Central Bank of Nigeria.
As Tuesday’s session drew to a close, the volume of shares traded experienced a significant uptick of 31.33 percent to 676.74 million. However, the number of deals declined by 8.35 percent to 7,659 while the total trade value decreased by 33.97 percent to N5.89 billion.
Market sentiments also leaned towards the bullish side, with 36 gainers outpacing the 27 losers.
Among the top-performing stocks that caught the attention of investors were:
- Berger Paints Plc, which surged by 9.95 percent to conclude the trading day at N11.60.
- Oando Plc, which recently released its audited results for 2021, saw a 9.92 percent increase, closing at N13.30.
- BUA Foods, which gained 6.32 percent to close at N196.70.
- PZ’s shares appreciated by 1.45 percent per unit, ending at N20.
- GTCO Plc stock increased in value by 0.43 percent, closing at N35.40.
On the flip side, the top losers included:
- SCOA Plc, witnessing a 10 percent depreciation in its shares, closing at N1.24.
- Unilever’s shares recorded an 8.28 percent drop, concluding at N13.30.
- United Bank for Africa Plc, which lost 1.96 percent in share value, closing at N17.50.
- FBN Holdings Plc, suffering a 1.69 percent decline, closing at N17.40.
- Accesscorp’s shares depreciated by 0.29 percent, closing trading at N17.40.
The Nigerian Exchange continues to display its resilience and attractiveness to investors, making it an exciting space to watch for potential opportunities and market trends.
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