Market Cap Drops Below N160tn on Profit-taking in Dangote Cement, Others
Kayode Tokede
The Nigerian stock market began the new week on a downward momemtum, as investors profit-taking in Dangote Cement Plc and 38 ithers dragged market capitalization below the N160 trillion mark.
The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 2,261.39 basis or 0.91 per cent to close at 245,278.34 basis points.
Consequently, equity market capitalisation fell by N1.47 trillion to close at N159.257 trillion.
Market sentiment remained bearish, with 39 decliners, outweighing 15 advancers. Multi Trex Integrated Foods emerged the highest price gainer of 10 per cent to close at 66 kobo, per share. Critical Minerals Financing Corporation (CMFC) followed with a gain of 9.97 per cent to close at N3.64, while Austin Laz & Company advanced by 9.93 per cent to close at N3.21, per share.
Thomas Wyatt Nigeria increased by 9.92 per cent to close at N2.66, while Neimeth International Pharmaceuticals added 5.88 per cent to close at N8.10, per share.
On the other side, Vitafoam Nigeria led others on the losers’ chart with10 per cent to close at N174.60, per share. Cutix followed with a decline of 9.79 per cent to close at N2.12, while Omatek Venture shed 9.38 per cent to close at N1.45, per share.
International Energy Insurance declined by 6.48 per cent to close at N2.02, while Linkage Assurance declined by 6.29 per cent to close at N1.64, per share.
The total volume traded advanced by 35.5 per cent to 349.34 million units, valued at N17.99 billion, and exchanged in 43,115 deals. Transactions in the shares of Access Holdings led the activity with 23.439 million shares worth N658.348 million. Livestock Feeds followed with account of 23.143 million shares valued at N403.202 million, while United Bank for Africa (UBA) traded 22.818 million shares valued at N959.123 million.
Honeywell Flour Mills traded 22.238 million shares worth N393.646 million, while GTCO traded 14.433 million shares worth N1.777 billion.
Analysts noted that the session was characterized by bearish sentiment and stronger trading activity, as increased market participation failed to offset sustained selling pressure.
Looking ahead, Cowry Assets Management Limited stated that bargain-hunting could support a near-term recovery, although persistent profit-taking may constrain market gains.