NSE: Dangote sugar loss drags market further by 0.1 per cent

Bearish trend persists for the third consecutive session at the Nigerian Stock Exchange (NSE) on Thursday as the equities market indicators further depreciated by 0.1 per cent.

Thursday’s negative trading session was largely impacted by profit-taking on the stocks of Dangote Sugar as its value depreciated by 5.9 per cent, just as Zenith Bank’s share lost 1.8 per cent.

Consequently, the All-Share Index (ASI) closed lower at 25,533.35 basis points, just as the equities market capitalisation dipped to N trillion. Accordingly, Month-to-Date gain moderated to 0.8 per cent while Year-to-Date loss increased to -4.9 per cent.

Market sentiment, as measured by the market breadth, was however positive, as 17 stocks gained compared to 11 losers. International Breweries and Wapic Insurance and WAPIC topped the gainers’ list having appreciated in value by ten per cent and 9.1 per cent respectively, while Tripple G and Caverton recorded the largest losses of the day after dipping by 9.1 per cent and 8.6 per cent.

The sectoral performance was mixed, following gains in the Insurance and Consumer Goods indices, and losses in the Banking and Oil & Gas indices. The Industrial Goods index was flat.

The total volume of trade increased by 9.2 per cent to 231.20 million units, valued at N2.10 billion and exchanged in 3,360 deals. FBN Holdings was the most traded stock by volume at 33.54 million units while Guaranty Trust Bank was the most traded stock by value at N506.25 million.

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