The Nigerian Exchange Limited (NGX) stock market has continued to suffer losses this week as investors' profit-taking activities at Dangote Cement Plc and 20 other firms lowered market capitalization by N140 billion.
The NGX All-Share Index dropped by 0.34% or 254.63 basis points, to close at 73,768.64 basis points. Market capitalization dropped by N140 billion to close at N40.367 trillion.
However, market breadth closed positive, as 40 stocks gained relative to 21 decliners.
The analysis shows that larger companies like Dangote Cement, which declined by 2.19%, and Dangote Sugar Refinery Plc, which depreciated by 1.31%, were the primary drivers of the market depreciation and this affected the gains in MTN Nigeria Communication Plc, which appreciated by 0.40%, and Guaranty Trust Holding Company Plc (GTCO), which added 0.50%.
Top Gainers: Eterna had the highest percentage price gain of 10% to close at N13.20 per share. AXA Mansard Insurance followed with an increase of 9.96% to close at N5.19, while Multiverse Mining & Exploration was up by 9.95% to close at N15.36 per share.
Infinity Trust Mortgage Bank appreciated 9.93% to close at N4.98 and N14.60, respectively, while Industrial and Medical Gas Nigeria (IMG) rose by 9.85% to close at N11.15 per share.
Top Losers: UACN led the chart by 10% to close at N13.50 per share. DEAP Capital Management & Trust followed with a decline of 7.25% to close at 64 kobo, while Caverton Offshore Support Group lost 6.59% to close at N1.70 per share. Royal Exchange lost 6.25% to close at 60 kobo, while Tantalizers depreciated by 6.12% to close at 46 kobo per share.
Read more: https://www.investingport.com/ngx-investors-losses-n140-billion-in-yesterdays-trading-session/