Dangote Cement, MTNN, others cause market’s N1.82trn loss as week opens

Largely capitalised stocks like Dangote Cement Plc and MTNN Plc led other counters like NGX Group Plc and NEM Insurance that topped the league of major laggards on Monday February 19.

These stocks and other major decliners caused record 3.15 percent or N1.821trillion dip at the stock market, the highest daily dip this year which came even as analysts advised invested to tread cautiously.

Read also: Dangote Cement, BUA Cement, Transcorp beat other NGX-30 stocks

“We anticipate a cautious approach in the next session,” analysts at Comercio Partners had said in their February 16 weekly markets round-up.

Dangote Cement dipped most from N763 to N686.70, down by N76.30 or 10percent, MTNN was down from N275 to N247.50, losing N27.50 or 10percent, while NGX Group declined from N24.60 to N22.20, shedding N2.40 or 9.76percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from 105,722.78 points and N57.849trillion respectively to 102,393.23 points and N56.028trillion.

In 9,688 deals, investors exchanged 273,851,015 shares valued at N7.439billion. GTCO, Transcorp, Access Corporation, FBN Holdings and Zenith Bank were actively traded stocks.

Read also: The rise and rise of Dangote Cement

“We expect to see another round of bullish trading in the market as investors maintain their interest in fundamentally sound names across the market,” Vetiva analysts said in their February 19 breakfast report.