Sell pressure on Dangote Cement, Julius Berger ends Nigerian bourse’s fragile recovery

Sell pressure on Dangote Cement, Julius Berger ends Nigerian bourse’s fragile recovery

The Nigerian Stock Exchange closed on a downbeat note on Tuesday as a risk-off sentiment among investors heaped pressure on certain blue-chip stocks, eroding the benchmark index down by 0.57 per cent.

Dangote Cement, Julius Berger and Ecobank Transnational Incorporated were worst hit by the slump just as the industrial index took the rear of performance among the five sectorial indices tracked by the exchange.

The redeeming feature of the gloomy result lay in market breadth, which closed on a positive note as 22 gainers were reported against 13 losers.

The all-share index fell by 226.26 basis points to close at 39,267.11, while market capitalisation eased to N20.545 trillion.

Year to date, the index is down by 2.49 per cent.

ALSO READ: Dangote Cement, GTB, Union Bank top stocks to watch this week

Livestock led the gainers’ chart, appreciating by 9.66 per cent to close at N1.93. Cornerstone went up by 9.09 per cent to N0.60. Courteville rose to N0.24, notching up 9.09 per cent in the process. NPF Microfinance Bank added 8.33 per cent to end the trade at N1.95. Royal Exchange completed the top 5, climbing by 7.69 per cent to N0.28.

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Regal Insurance was the worst-performing stock, declining by 9.09 per cent to close at N0.30. Prestige shed 8.89 per cent to close at N0.41. Daar Communications fell to N0.23, losing 8 per cent. ETI slumped to N5.05, recording 4.72 per cent depreciation. Sovereign Trust closed at N0.23, going down by 4.17 per cent.


In all, 336.126 million shares estimated at N3.269 billion were traded in 4,394 deals, reflecting 36 per cent volume decline, when set beside Monday’s figure.

Union Bank was the most active stock with 78.889 million shares worth N418.140 million traded in 38 deals. 43.908 million units of Courteville shares priced at N10.533 million exchanged hands in 81 transactions. GTB had 28.971 million shares valued at N955.089 million traded in 489 deals. Zenith Bank traded 24.908 million shares estimated at N560.466 million in 433 transactions. Transcorp traded 22.621 million shares valued at N17.961 million in 104 deals.

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