Market hits new low as Dangote Cement, others drive over N600bn loss

The stock market of Africa’s largest economy reached a new low by 2.26percent on Tuesday as largest cement maker Dangote Cement Plc led the league of laggards that caused the market’s N614billion loss.

Dangote Cement Plc led the decliners on the Nigerian Bourse after its share price decreased by N24 or 9.06percent, from N265 to N241.

It was followed by Stanbic IBTC Holdings Plc which dipped from a high of N31 to N29, shedding N2 or 6.45percent; and Cornerstone Insurance Plc which decreased from 75kobo to 68kobo, shedding 7kobo or 9.33percent.

Following a bearish take-off to this week, analysts had anticipated a mixed trading session on Tuesday.

Read also: Nigeria stocks value sees N3trn rise in H1

The record loss comes as investors in 3,895 deals exchanged 140,610,346 shares valued at N1.6billion. Japaul Gold, AIICO, Sterling Bank, Sovereign Trust Insurance and GTCO were top-5 traded stocks on the Bourse.

The record negative on Tuesday has pushed the market positive return year-to-date (YtD) lower to 15.53percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further from preceding trading day’s highs of 50,489.73 points and N27.232trillion respectively to 49,350.71 points and N26.618trillion.

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