Market Slides Back After Dangcem Listing

The performance of stock on the flour of Nigerian Stock Exchange (NSE) Wednesday slided back to its normal figure after Dangcem (Dangote Benue Cement) listing that pushed the total value of traded equities to N28.8 billion on Tuesday.

Dangcem listing on Tuesday however, seemed normalised as market indicators all crashed to end the day on a negative note.

Specifically, all share index went down by 69.32 points from 25,065.46 points, to close lower at 24,996.14 points.

Market capitalisation however, rose by N1.8 billion or 29.5 per cent from N6.1 trillion, to close higher at N8 trillion.

Investors traded total of 363,734,320 shares worth N6 billion in 6,128 deals, compared to 465,331,180 shares, valued at N28.8 billion which exchanged hands in 7,462 deals.

The volume of traded equities declined by 101,596,860 shares or 21.8 per cent from 465,331,180 shares traded on Tuesday, to close lower at 363,734,320 shares.

Also, the value of listed equities crashed by 78.8 per cent or N22.7 billion from N28.8 billion traded on Tuesday, to close lower at N6.04 billion.

The gainers chart was led by Nestle which gained N12.05 per share after opening and closing at N387. 95 and N400 respectively.

On the other hand, Wapco lost N.75 to be on the fore front of the losers’ chart.

Banking sub-sector shares were the most viable, with 25,900,673 shares worth N2 billion which exchange hands in 3,812 deals, boosted by the performances of Access, Sterlinbank, UBA and Zenith banks.