Dangote Cement Plc, the most capitalized stock on the Nigerian Exchange (NGX), recorded a 9.99% decline on the NGX today, resulting in a N1.12 trillion loss in its market value.
The massive decline was responsible for the NGX posting a 1.94% decline, as the All-Share Index closed at 98,201.49 points, its lowest since May 27. This week, the market has declined by 2.33%, as the All-Share Index started the week at 100,539.40.
Today’s 1.94% decline on the Nigerian Exchange (NGX) marks the second-worst trading day of the year. The market experienced a 3.15% loss, falling from its all-time high of 105,722.78 reached on February 19.
The trading day was very eventful, as about N10.4 billion worth of Transcorp Power shares traded hands, while Oando appreciated by 10% to hit a share price of N20.35, its highest since December 2014. In addition to Dangote Cement’s massive decline.
In terms of trading volume, there was an 18% decline from yesterday as the market recorded a turnover volume of 1.103 billion shares, compared to yesterday’s 1.340 billion shares.
The drubbing of Dangote Cement’s stock in the NGX is the latest in a series of events that has pitted the industrialists against the Nigerian government.
Market Highlights
Top gainers: Oando Plc posted a 10% gain to close at N20.35, it’s highest share price this year. There was intense buying pressure on Oando stocks today, as about 73 million shares of the stock were traded.
- FCMB posted an 8.22% gain, while WAPIC Insurance posted a 7.50% gain.
- Consolidated Hallmark Holdings and NAHCO posted 6.15% and 5.95% gains respectively.
Top decliners: Eterna Plc was the biggest loser during the day with a 10% decline.
- Dangote Cement posted a 9.99% decline, with Daar Communication posting a 9.62% decline.
- Mecure Industries and Deal Capital posted a 9.60% and 8.93% decline respectively.
Top traded stocks: The top traded stock in terms of trading volume during the day was FCMB Group with 495.62 million shares. It was followed by Abbey Mortgage Bank with a turnover volume of 234 million shares and Oando Plc with 73.01 million shares. Transcorp Power recorded a turnover volume of 30.82 million shares and Access Holdings turned over 30.52 million shares.
In terms of turnover value, Transcorp Power led with N10.4 billion, followed by FCMB with N3.77 billion. Oando Plc recorded a trading value of N1.48 billion. GTCO Holdings posted a 1.68% decline and a N1.25 billion turnover value, while Abbey Mortgage Bank posted a 3.33% decline and a turnover value of N610.76 million.
SWOOTs and FUGAZ Update
Stocks worth over one trillion were bearish in the market, as Dangote Cement posted a 9.99% decline. GTCO Holdings and Zenith Bank posted 1.68% and 0.28% declines respectively. Other members of the category, Airtel Africa, MTN Nigeria, BUA Cement, BUA Foods, Seplat Energy, Geregu Power, Transcorp Power, and Transcorp Hotels recorded no price change.
The tier-1 banking stocks recorded a mixed sentiment as UBA and FBN Holdings, posted 0.48% gains respectively. However, Access Holdings posted a 2.63% decline, while GTCO and Zenith Bank posted 1.68% and 0.48% declines respectively.
