Bearish sentiment wipes N3.28tn off NGX market value
The Nigerian Exchange Limited closed on a bearish note as its market capitalisation dropped by N3.28tn, driven by major losses in Dangote Cement and Presco Read More: https://punchng.com/bearish-sentiment-wipes-n3-28tn-off-ngx-market-value/
On Thursday, the Nigerian Exchange Limited witnessed a bearish market closing as the overall market capitalization fell by N3.28tn, settling at N162.13tn. The NGX All-Share Index experienced a decline of 1.98%, closing at 249,710.59 points, down from 254,762.81 points in the previous trading session. The market's downward trend was primarily due to significant losses in large-cap stocks, notably Dangote Cement Plc and Presco Plc, which both suffered daily maximum price declines of 10.00%.
Dangote Cement's share price dropped from N1,490.00 to N1,341.00, while Presco fell from N1,840.80 to N1,656.80. Other stocks that saw notable declines included Wapic Insurance Plc, which dropped 9.91% to N2.00, and UACN Plc, which decreased by 7.85% to N166.80. Despite this overall market sell-off, CWG Plc was the top gainers' stock for the day, increasing by 9.94% to close at N17.15 per share.
Other stocks that showed gains included Abbey Mortgage Bank Plc, which rose by 9.84% to N6.70, and Honeywell Flour Mill Plc, which appreciated by 9.82% to N26.85. The NGX Industrial Index saw the steepest sectoral decline, falling 7.14% to 11,707.38 points, while the NGX Banking Index eased by 0.65% to 2,388.23 points. Conversely, the NGX Growth Index posted a modest gain of 0.21% to close at 26,689.07 points.
A total of 856.24 million shares worth N162.13tn were traded across 33,499 deals during the session.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.