NSE LIVE! Profit-taking halts equities as Dangote Cement loses N75b

In from Success Allantee . . .
After four days of consecutive upswing, investors turned round yesterday to take and lock in profits from recent capital appreciation, triggering a buyers’ market that led to declines in share prices of most quoted equities.
Dangote Cement, Nigeria’s most capitalised quoted company, which had led the rally in recent trading sessions, was particularly the focus of profit-takers. Relatively larger shares supply forced the cement giant, which accounts for more than a quarter of total market capitalisation, to lose about N75 billion.
Dangote Cement recorded the highest loss of N4.4 to close at N164.55 per share, translating into a loss of N75 billion. The loss by Dangote Cement reverberated across the market, but gains by 14 other companies moderated the loss by Dangote Cement and 18 other losers, leaving the market with a total loss of N43 billion.
The All Share Index (ASI)-the value-based index that tracks prices of all quoted companies, dropped by 0.42 per cent to close at 30,199.15 points as against its opening index of 30,325.11 points. Aggregate market value of all quoted equities dropped from N10.422 trillion to close at N10.379 trillion. Average year-to-date return thus worsened to -12.86 per cent.

Read also: NSE LIVE! Equities sustain rally with 0.35% gain

Other top losers yesterday included Lafarge Africa, which dropped by 51 kobo to close at N98.99; Flour Mills of Nigeria, which lost 41 kobo to close at N21; Arbico, which dropped by 26 kobo to close at N5.04; Dangote Sugar Refinery, which lost 22 kobo to close at N6.35 and Fidson Healthcare, which dropped by 10 kobo to close at N3 per share.
Turnover was above recent average as investors staked N3.44 billion on 207.75 million shares in 2,818 deals. Oando was the most active stock with a turnover of 78.52 million shares worth N768.65 million in 178 deals. Guaranty Trust Bank placed a distant second on the activity chart with a turnover of 16.5 million shares valued at N397.25 million in 234 deals.
On the upside, Guinness Nigeria led the contrarian stocks with a gain of N6.80 to close at N150.80. Nigerian Breweries followed with a gain of N2.77 to close at N138.02. Oando rose by 76 kobo to close at N9.87. Vitafoam Nigeria added 17 kobo to close at N5.29 while Stanbic IBTC Holdings and Forte Oil rose by 10 kobo each to close at N23.10 and N290 respectively.

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