After losses by many blue-chip stocks, particularly Dangote Cement and UAC of Nigeria (UACN), the bears continued to rule the equity market of the Nigerian Exchange Limited (NGX), as market capitalization fell by another N341 billion.
To conclude at 53,124.63 points, the All Share Index (ASI) dropped by 626.14 absolute points, or 1.16 percent. The market capitalization saw a similar loss, dropping N341 billion to settle at N28.940 trillion.
Losses in medium- and large-capitalized equities, including Dangote Cement, UAC of Nigeria (UACN), Fidson Hospital, United Capital, and Dangote Sugar Refinery, had an impact on the downturn.
GTI Securities Ltd provided the following market outlook:  “investors continue to be conservative and sway towards safe stocks, as the stock market awaits the dividend announcement by quoted companies.”
Vetiva Dealing and Brokerage also added: “Another large cap counter dampens sentiments, despite the recoveries seen across board. In the absence of any significant price drop in any of the heavy-weights, we anticipate a positive close tomorrow.”
Yet, with 16 gainers and 9 losers, the market breadth ended up being favorable. The largest price increase, 9.6%, was registered by PZ Cussons Nigeria, which closed at N11.400 per share. Multiverse Mining & Exploration increased 8.72 percent to close at N3.24 per share, while International Energy Insurance gained 9.24 percent to close at N1.30.
Regency Alliance Insurance increased by 6.90% to close at 31 kobo per share, while FTN Cocoa Processors increased by 7.69% to conclude at 28 kobo.
Chams Holding Company, on the other hand, topped the losers’ chart by 8.00% to settle at 23 kobo, per share, per share. Dangote Cement lost 4.17 percent to settle at N276.00 per share, while UACN lost 5.76 percent each to close at N9.00.
Prestige Assurance lost 2.44 percent to settle at 40 kobo per share, while Fidson Healthcare lost 2.95 percent to close at N9.55. To close at 40 kobo, Prestige Assurance lost 2.44 percent of its value. United Capital lost 1.69 percent of its value to finish at N11.60 kobo.
To close at 67 kobo, Cornerstone Insurance saw a 1.47 percent decline. Caverton lost 1.00 and ended the day at 99 kobo. Further falling by 60%, Dangote Sugar Refinery closed at N16.70 kobo.
With 3,071 transactions, the total amount traded increased by 101.08 percent to 202.850 million units, worth N2.053 billion. Transnational Corporation (Transcorp) share transactions, totaling 61.493 million shares valued at N85.307 million, topped the list of activities.
Following with 26.957 million shares worth N139.045 million, Fidelity Bank was followed by Custodian Investment with 19.969 million shares worth N121.803 million.
Guaranty Trust Holding Company (GTCO) traded 11.737 million shares for N291.138 million, while Sterling Bank traded 18.652 million shares worth N29.371 million.
