• Thursday, June 20, 2024
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BusinessDay

Dangote Cement drives NSE’s negative start to new week

Dangote cement

Nigeria’s stock market opened the new week on a negative note, dipping by 0.22percent, no thanks to shares of Africa’s leading cement producer Dangote Cement which led the losers’ league.

READ ALSO: Caution still the word for stock investors in new trading week

Gains in stocks like MTNN (+1.99percent); Julius Berger (+9.63 percent); Unilever (+10percent); Ardova (+9.41percent); and Dangote Sugar (+3.36percent) could not reverse the negative close.

In all, investors lost about N36billion at the close of trading, while the negative return year-to-date (ytd) increased to -6.33percent.

The value of Nigeria’s listed stocks decreased to N13.110trillion while the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 25,132.67 points as against day open high of N13.146 trillion and 25,199.84 points respectively.

Dangote Cement Plc led the loser table after its share price decreased by N1, from N136 to N135, down by 0.74percent.

BusinessDay had ahead of trade-open this week advised investors to be cautious this week as speculative buyers may choose to take profit on some counters that saw significant price appreciation last week.

In the same vein, United Capital analysts said they expect a mixed performance “as short-term players take profit while seeking bargain hunting opportunities.”

“Also, we believe a bullish catalyst could be triggered by the publication of a strong earnings report from the outstanding tier-1 banking names,” the analysts added.

“Despite the attractiveness of a number of fundamentally sound stocks, we expect the market to remain volatile in the short term amid the persistent uncertainties in the global and macro-economic environment, hence, a cautious trading strategy is advised,” said Lagos-based analysts at Vetiva Capital.

Vitafoam Nigeria Plc came second on the top losers list after its share price moved down from N5.75 to N5.45, shedding 30kobo or 5.22percent. UACN also dipped from N6 to N5.85, losing 15kobo or 2.50percent.

International Breweries Plc also dropped from N2.85 to N2.75, shedding 10kobo or 3.51percent; while United Capital joined the league of top loser after its share price decreased from N3.16 to N3.1, losing 6kobo or 1.90percent.

In 3,597 deals, investors exchanged 161,231,804 units valued at N1.845billion. GTBank, Zenith Bank, Sterling Bank, FBN Holdings and International Breweries were actively traded stocks.

Gains in stocks like MTNN (+1.99percent); Julius Berger (+9.63 percent); Unilever (+10percent); Ardova (+9.41percent); and Dangote Sugar (+3.36percent) could not reverse the negative close.

In all, investors lost about N36billion at the close of trading, while the negative return year-to-date (ytd) increased to -6.33percent.

The value of Nigeria’s listed stocks decreased to N13.110trillion while the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 25,132.67 points as against day open high of N13.146 trillion and 25,199.84 points respectively.

Dangote Cement Plc led the loser table after its share price decreased by N1, from N136 to N135, down by 0.74percent.

BusinessDay had ahead of trade-open this week advised investors to be cautious this week as speculative buyers may choose to take profit on some counters that saw significant price appreciation last week.

In the same vein, United Capital analysts said they expect a mixed performance “as short-term players take profit while seeking bargain hunting opportunities.”

“Also, we believe a bullish catalyst could be triggered by the publication of a strong earnings report from the outstanding tier-1 banking names,” the analysts added.

“Despite the attractiveness of a number of fundamentally sound stocks, we expect the market to remain volatile in the short term amid the persistent uncertainties in the global and macro-economic environment, hence, a cautious trading strategy is advised,” said Lagos-based analysts at Vetiva Capital.

Vitafoam Nigeria Plc came second on the top losers list after its share price moved down from N5.75 to N5.45, shedding 30kobo or 5.22percent. UACN also dipped from N6 to N5.85, losing 15kobo or 2.50percent.

International Breweries Plc also dropped from N2.85 to N2.75, shedding 10kobo or 3.51percent; while United Capital joined the league of top loser after its share price decreased from N3.16 to N3.1, losing 6kobo or 1.90percent.

In 3,597 deals, investors exchanged 161,231,804 units valued at N1.845billion. GTBank, Zenith Bank, Sterling Bank, FBN Holdings and International Breweries were actively traded stocks.