Stock market dips by 1.12% as investors sell Dangote Cement, others

Nigeria equities market rerouted to the red zone on Thursday, January 27, declining by 1.12 percent or N281billion as investors moved to take profit on value counters like Dangote Cement Plc, Ardova Plc, NEM Insurance Plc and Oando Plc.

The record negative close pushed lower the market’s positive return year-to-date (YtD) to +7.71percent.

At the close of trading session on Thursday, the market’s performance indicators –the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation – decreased from preceding day lows of 46,529.99 points and N25.073 trillion respectively to 46,009.23 points and N24.792trillion.

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The NGX ASI new low has pushed the week-to-date (WtD) return high to +0.11percent.

NEM Insurance Plc share price dipped most, from N3.50 to N3.20, down by 8.6 percent, followed by Dangote Cement Plc which decreased by 8.5percent, from N284.90 to N260.60.

Other stocks that caused the market’s new low are Ardova Plc which dropped by 5 percent, from N13.10 to N12.45; May & Baker Plc which dropped from N4.50 to N4.30, down by 4.4 percent and Oando Plc,l which dipped from N 4.70 to N4.60, shedding 2.1percent of its day-open value.