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
The Nigerian stock market experienced a downward trend on the first day of the new week, as investors took profits in Dangote Cement and 38 other companies, causing the market capitalization to fall below the N160 trillion threshold. The NGX ASI index decreased by 2,261.39 basis points, or 0.91%, to close at 245,278.34. Equity market capitalization dropped by N1.47 trillion to N159.257 trillion.
Bearish sentiment prevailed, with 39 stocks declining compared to 15 advancers. Multi Trex Integrated Foods was the top gain-maker, rising by 10% to close at 66 kobo per share. Critical Minerals Financing Corporation and Austin Laz & Company also saw gains of 9.97% and 9.93%, respectively. Thomas Wyatt Nigeria, Neimeth International Pharmaceuticals, and Vitafoam Nigeria were among the losers, with declines of 10%, 5.88%, and 10%, respectively.
The total traded volume increased by 35.5% to 349.34 million units, valued at N17.99 billion, in 43,115 deals. Access Holdings led the activity with 23.439 million shares traded worth N658.348 million. Analysts predicted that bargain-hunting might help the market recover in the near-term, although persistent profit-taking could hinder further gains.
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