Seplat, Total, Dangote Cement, 20 others drag NSE further south

Nigerian stock market moved further into the negative region on Tuesday August 27, 2019 as investors moved to sell value counters like Seplat Petroleum Development Company Plc, Total Nigeria Plc, Dangote Cement Plc and others. Other stocks that occupied brokers sell order by investors include that of GTBank Plc and International Breweries Plc.

The stock market still lost 0.32percent to remain in the red despite a late minute bargain in stocks like Nestle Nigeria Plc and MTNN. As sell offs on other counters drove the index south, week-to-date (WtD) it has decreased by 0.71percent; while year-to-date (YtD) the market has lost 12.18percent of its value.

The market recorded 13 gainers as against 23 losers. Investors lost N43.34billion after the market cap dropped to N13.428trillion from preceding day high of N13.471trillion.

Seplat Plc stock price moved down from N441 to N397.7, losing N43.3 or 9.82percent. Total Nigeria Plc followed after dipping from N105.8 to N96.5, losing N9.3 or 8.79percent.

Dangote Cement Plc declined from N167 to N165, down by N2 or 1.20percent, GTBank Plc dipped from N28 to N27.15, losing 85kobo or 3.04percent, while International Breweries Plc was down from N10.5 to N9.75, losing 75kobo or 7.14percent.