Dangote, MTN, NGX, others plunge Equity Market to N1.8 Trillion loss

The Nigerian equity market commenced the week on a bearish note, witnessing significant losses amounting to about N1.82 trillion as investors grappled with strong sell-offs across key stocks.

Prominent securities like Dangote Cement, MTN Nigeria, NGX Group, NEM Insurance, and Tantalizer experienced notable declines of 10 percent, 10 percent, -9.76 percent, -9.74 percent, and -9.52 percent, respectively, contributing to the overall market downturn.

Both the All-Share Index and the market capitalization of the local bourse recorded a decline of 3.15 percent, settling at 102,393.23 points and N56.03 trillion, respectively, reflecting dampened market sentiment. Consequently, the year-to-date return of the index decreased to 36.94 percent from the previous session’s 41.39 percent.

Trading activity remained subdued as the total traded volume and value saw decreases of 17.60 percent and 5.59 percent, respectively, closing at 273.85 million units and N7.44 billion. However, the total deals for the day bucked the trend, registering an increase of 17.60 percent to 9,688 trades.

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Amidst prevailing market sentiments, certain stocks like Juli Plc, Daar Communications, Sunu Assurances, ABC Transport, and NAHCO saw increased buying interest, resulting in share price gains of 9.52 percent, 8.64 percent, 6.74 percent, 6.67 percent, and 5.86 percent, respectively.

Sector-wise, various sub-sector indices closed in negative territory. The Industrial Goods sector led the losers’ chart with a significant 6.02 percent decline, primarily influenced by sell-offs in Dangote Cement. Following closely was the Insurance sector, which recorded a loss of 2.49 percent, mainly attributed to declines in the share prices of NEM Insurance, Linkage Assurance, and VeritasKap.

Other sectors such as Banking, Consumer Goods, and Oil/Gas also experienced declines of 0.24 percent, 0.77 percent, and 0.28 percent, respectively.

In terms of trading activity, Guaranty Trust Holding Company Plc emerged as the most traded security by volume with 28.85 million units, while Geregu led in value at N1.74 billion.