Nigeria’s Stock Market Reverses Gain, Closes Negative As Investors Take Profit
- The Nigerian Exchange has ended trading on Tuesday on a negative note as investors took profit across major sectors
- On the day, The Lotus Halal, Enamelware Plc, DAAR Communications Plc, Deap Capital Plc, and Academy Press Plc topped the gainers’ table.
- While the losers’ table was led by Royal Exchange Plc, Dangote Cement Plc, RT Briscoe Plc, Jaiz Bank Plc, and Lasaco Assurance Plc.
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market stocks pulled back as investors took profit across key sectors.
Data from NGX showed that the market declined by 1.46% on Tuesday, August 19, and the year-to-date (YtD) return dropped to 38.56%.
Losses in industrial, insurance, banking, and oil & gas stocks outweighed gains in consumer goods equities.
Source: Getty Images
Dangote Cement Plc was the major drag on the market, dropping by N57 or 9.88% from N577 to N520.
At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell from 144,722.47 points to 142,613.47 points, while market capitalisation dropped from N91.561 trillion to N90.227 trillion.
Investors exchanged 1,027,469,686 shares worth N17.66 billion in 34,352 deals.
Analysts at Vetiva Research noted:
“We expect risk-off sentiment to persist, with profit-taking in large caps likely spilling into the mid-and small-cap space.
"That said, such pullbacks should create attractive entry points for investors to re-engage fundamentally strong names at discounted levels.”
Source: Getty Images
Top 5 gainers
- The Lotus Halal: +N10.50, from N105.05 to N115.55 (+10.00%).
- Enamelware Plc: +N3.25, from N32.65 to N35.90 (+9.95%).
- DAAR Communications Plc: +N0.11, from N1.12 to N1.23 (+9.82%).
- Deap Capital Plc: +N0.17, from N1.77 to N1.94 (+9.60%).
- Academy Press Plc: +N0.70, from N8.30 to N9.00 (+8.43%).
Top 5 decliners
- Royal Exchange Plc: -N0.28, from N2.80 to N2.52 (-10.00%).
- Dangote Cement Plc: -N57.00, from N577.00 to N520.00 (-9.88%)
- RT Briscoe Plc: -N0.39, from N3.95 to N3.56 (-9.87%).
- Jaiz Bank Plc: -N0.47, from N4.79 to N4.32 (-9.81%).
- Lasaco Assurance Plc: -N0.39, from N3.99 to N3.60 (-9.77%).
Top 5 trades by volume
- Universal Insurance Plc: 130,222,417 shares worth N173,672,412.87.
- AIICO Insurance Plc: 100,111,933 shares worth N437,561,061.87.
- Mutual Benefits Assurance Plc: 68,521,312 shares worth N310,653,057.25.
- Prestige Assurance Plc: 66,866,506 shares worth N135,371,044.53.
- Regency Alliance Insurance Plc: 46,141,311 shares worth N69,258,497.22.
Naira exchange rate depreciates
Earlier, Legit.ng reported that the Nigerian naira kicked off the new week on a low against the United States dollar in the official and unofficial markets.
In the parallel market, also known as the black market, several Bureau de Change operators confirmed that the naira's value fell.
Data from the CBN showed that the naira weakened by N1.04 against the dollar in the official market and also lost N10 in the black market.
Source: Legit.ng
