Market reaction occasioned by the new rates regime in the money market and fixed income space has been responsible for the downturn in the equity market. Trading activities today on the floor of NSE initially commenced on a positive note as we can saw a few recovery. The market however succumb to the Bears when Dangote Cement shed its share price by 8.04% to close at N183 from the previous close of N199.
The All Share Index depreciated by 0.94% to settle at 34,250.74 points from the previous close of 34,577.26 points. Market Capitalisation declined to N17.902 trillion from the previous close of N18.072 trillion, thereby shedding N170 billion.
An aggregate of 796.06 million units of shares were traded in 4,810 deals, valued at N4.46 billion.
The market breadth closed positive as 29 stocks gained while 9 stocks declined in their share prices.
Stocks to Watch
We have always advised investors to take position in fundamentally sound stocks. If such stocks drop in a down market, there is every tendency that there position will come back when the market becomes good.
We need to continue to look at stocks that will continue to pay good dividend if you miss capital appreciation, you will be compensated by good dividend
Percentage Gainers
FTN Cocoa Processors led other gainers with 10% growth to close at N0.44 from the previous close of N0.40.
Sterling Bank and FBN Holdings Plc among other gainers also grew their share prices by 9.94% and 8.73% respectively.
Percentage Losers
Dangote Cement led other price decliners as it shed 8.04% of its share price to close at N183 from the previous close of N199.
Neimeth and Regency Assurance among other price decliners also shed their share prices by 5.98% and 4.76% respectively.
Volume Drivers
- Jaiz Bank traded about 401 million units of its shares in 22 deals, valued at N260.75 million.
- Regency Assurance traded about 59.1 million units of its shares in 38 deals, valued at N11.83 million.
- Access Bank traded about 49.4 million units of its shares in 376 deals, valued at N386 million.