Dangote Cement, other stocks drag NSE ASI to new low

Nigeria’s equities market continued its decline for the third consecutive day this week caused this time by sell off in Dangote Cement Plc and other large cap stocks.

The Nigeria Stock Exchange (NSE) All Share Index (ASI) fell by 0.94percent at the close of remote trading session on Wednesday April 1.

Dangote Cement Plc recorded the highest decline after its share price moved from N129.7 to N116.8, losing N12.9 or 9.95 percent.

Guinness Nigeria Plc followed after decreasing from N25.2 to N22.7, down by N2.5 or 9.92percent and Flour Mills Nigeria Plc which was also down from N21.25 to N19.15, after shedding N2.1 or 9.88percent.

On the advancers list, MTNN Plc occupied topmost position after its share price moved up from N90 to N98.4, adding N8.4 or 9.33percent.

International Breweries Plc followed after rising from N4.9 to N5.35, up by 45kobo or 9.18percent and Cadbury Nigeria Plc from N6.8 to N7.1, up 30kobo or 4.41percent.

The NSE ASI and market capitalisation decreased to 21,100.54 points and N10.996trillion respectively from preceding day high of 21, 300.47 points and N11.100trillion.

In 3,415 deals, Nigeria equity dealers exchanged

154,550,658 units of stocks valued at N1.767billion.

Banking stocks were actively traded. They are stocks of Zenith Bank, GTBank, FBN Holdings, Access Bank and Fidelity Bank.

Iheanyi Nwachukwu

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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.