Dangote Cement, Forte, NB, others lead stock market downtrend

Nigeria stocks tumbled on Monday as investors waved off stronger than expected first-half (H1) numbers and focused on fears of increasing political risks.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.87percent, while the Year-to-Date (ytd) stood negative at 0.77percent. Only 16 stocks gained as against 20 losers.

The stock market routed south despite that value stocks like GTBank Plc, Access Bank Plc, Lafarge Africa Plc, UACN Plc, Seplat Plc, among other companies have issued notices for their closed period ahead and board meetings which will be followed by the release of their H1 scorecards.

Also, Flour Mills of Nigeria Plc in a dividend notice at the Nigerian bourse will be rewarding investors with N1 final dividend per share.

The All Share Index closed at 37,946.92 points as against the preceding day close of 38,278.55 points while Market Capitalisation closed at N13.746 trillion against previous close of N13.866 trillion, a decline of N120billion.

Despite their weakened sentiment indicator, Afrinvest research analysts expect sentiment in the domestic market to improve and remain upbeat this week, “thus buoying market performance.”

Dangote Cement led the losers table after its share price declined from N229 to N224.1, down by N4.9 or 2.14percent, Forte Oil Plc followed after its share price moved down from N32.85 to N29.65, down by N3.2 or 9.74percent.

Nigerian Breweries Plc also lost, from N114.2 to N113.1, down by N1.1 or 0.96percent. GTBank Plc declined from N40.5 to N40, down by 50kobo or 1.23percent; while Zenith Bank Plc declined from N25 to N24.6, losing 40kobo or 1.60percent.

On the gainer table of 16 stocks, Mobil Nigeria Plc rallied most from N183 to N199.9, up by N16.9 or 9.23percent; followed by Guinness Nigeria Plc rose from N97.75 to N99.05, up by N1.3 or 1.33; while Flour Mills Nigeria Plc stock price rose from N32 to N32.8, up by 80 of 2.50percent.

The volume of stocks traded decreased by 45.41percent, from 469.34million to 256.22million, while the total value of stocks traded decreased by 68.02percent, from N5.81billion to N1.860 billion in 3,308 deals.

Sterling Bank Plc, FBN Holdings Plc, Wema Bank Plc, and United Bank for Africa Plc were actively traded stocks.

In all, the Financial Services sector led Monday’s activity chart with 203.1million shares exchanged for N1.13billion; followed by Services with 13.04 million shares traded for N29million.

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