Business

Investors lose N388bn amid Dangote Cement, MTN shares’ selloffs

The Nigerian Exchange Ltd. (NGX) declined further on Friday as market capitalisation depreciated by N389 billion or 1.6 per cent, to close at N23.918 trillion from N24.307 trillion on Thursday.

The negative performance was due to selloffs in market heavyweights, Dangote Cement and MTN Nigeria.

Also, the All-Share Index (ASI) fell by 712.54 points or 1.6 per cent to 43,912.64 from 44,625.18 recorded at the previous trading.

The market breath ended negative with 16 stocks on the losers’ charts, while 13 stocks gained.

WAPIC Insurance led the gainers by 9.09 per cent to close at 36k per share.

Neimeth Pharmaceuticals followed with an appreciation of 8.7 per cent to close N1.50 per share.

ABC Transport rose by eight per cent to close at 27k, while Fidelity Bank rose by 7.89 per cent to close at 57k per share.

FBN Holdings appreciated by 7.69 per cent to close at N9.80 per share.

Conversely, Dangote led the losers’ chat with a depreciation of 10 per cent to close at N220.50 per share.

Learn Africa Press followed dropping by 9.68 per cent to close at N1.68 per share, while Honeywell Flour Mills lost by 9.36 per cent to close at N2.13 per share.

Academy Press declined by 7.53 per cent to close at N1.35, while NEM Insurance shed 6.25 per cent to close at N12.95 per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 183.07 per cent.

A total of 122.79 million shares valued at N4.4 billion were exchanged in 3,402 deals.

The Star