Dangote Cement Tops Losers' List as NSE Investors Lose N671bn

NSE Investors Take N671bn Hit, Dangote Cement Leads Slide

United Bank for Africa (UBA) topped the volume chart with 37.09 million shares traded, while...

Nigerian Stock Exchange: Dangote Cement, McNichols lead losers, shedding 10% each, while Seplat gains 10%. Market breadth ends negative with 28 stocks declining.

Nigeria's equity market extended its downturn on Thursday, shedding N671 billion due to intense sell-offs in Dangote Cement and top-tier banking stocks.

The Nigerian Exchange's market capitalization plummeted by N671 billion, closing at N55.777 trillion, down from N56.448 trillion. The All-Share Index also dropped 1.19% to 97,064.42, compared to Wednesday's 98,232.39.

The Year-To-Date return declined to 29.81% due to significant losses in key stocks, including Dangote Cement, Dangote Sugar, Zenith Bank, FBN Holdings, and Transnational Corporation.

The market ended on a bearish note, with 28 stocks declining and 23 advancing.

Dangote Cement and McNichols topped the losers' list, each shedding 10% to close at N478.80 and N1.35 per share, respectively. Other notable decliners included Secure Electronic Technology (-7.58% to N0.61), UPDC Real Estate Investment (-4.72% to N5.05), and Computer Warehouse Group (-4.62% to N6.20).

Conversely, Seplat led the gainers, surging 10% to N4,513.40, closely followed by Livestock Feed Plc (9.93% to N2.99).

Gainers continued to emerge, with Regency Alliance Insurance rising 9.76% to N0.90, Caverton increasing 9.63% to N2.39, and Axa Mansard adding 7.82% to close at N5.93.

Market analysis revealed a decline in trade turnover compared to the previous session, with transaction value dropping 20.02%. Key statistics showed:

• Total shares traded: 268.39 million (down from 425.76 million)
• Total value traded: N6.76 billion (down from N8.45 billion)
• Total deals executed: 8,565 (down from 11,954)

United Bank for Africa (UBA) topped the volume chart with 37.09 million shares traded, while Seplat Energy dominated the value chart with N2.34 billion worth of transactions.