Stock Market Sustains Negative Run on Profit-taking in Dangote Sugar, 34 Others

The stock market of the Nigerian Exchange Limited (NGX) yesterday stretched its negative run, as losses in Dangote Sugar Refinery Plc and 34 others dragged the market major index by 0.002 per cent.

The All-Share Index (ASI) lost 1.74 points or 0.002 per cent to close at 102,106.31 basis points.

Also, market capitalisation declined by N1 billion to close at N55.871 trillion.

As measured by market breadth, market sentiment was negative, as 19 stocks gained relative to 35 losers. Meyer emerged the highest price gainer of 10 per cent to close at N5.72, per share. Tripple Gee & Company followed with a gain of 9.84 per cent to close at N4.13, while Juli rose by 9.09 per cent to close at 84 kobo, per share.

Cornerstone Insurance increased by 8.78 per cent to close at N2.23, while Africa Prudential added 8.70 per cent to close at N8.75, per share. On the other side, AIICO Insurance led the losers’ chart with 9.92 per cent to close at N1.18, per share. Cadbury Nigeria followed with a decline of 9.50 per cent to close at N21.90, while Guinea Insurance shed 8.93 per cent to close at 51 kobo, per share.

Tantalizer depreciated by 8.70 per cent to close at 42 kobo, while Honeywell Flour Mills down by 6.96 per cent to close at N4.01, per share.

The total volume traded declined by 30.81 per cent to 341.924 million units, valued at N6.405 billion, and exchanged in 9,665 deals. Transactions in the shares of Transnational Corporations (Transcorp) led the activity with 39.900 million shares worth N548.882 million. FBN Holdings (FBNH) followed with account of 33.609 million shares valued at N840.595 million, while Guaranty Trust Holding Company (GTCO) traded 26.016 million shares valued at N1.019 billion.

United Bank for Africa (UBA) traded 23.947 million shares worth N598.175 million, while Fidelity Bank traded 18.254 million shares worth N211.382 million.