Market returns -0.68% WtD as Dangote Cement sheds weight

The Nigerian stock market last week closed on a bearish note, largely occasioned by 10% drop in the share price of Dangote Cement.

For several weeks, the share price of Dangote Cement has been flat at N280. It however closed at N252 on Friday as the stock shed 10%. There is a high probability of share buyback for Dangote Cement, which implies a potential uptrend possibility in its share price.

The All Share Index and Market Capitalisation declined week on week by 0.68% to close at 41,882.97 points and N21.854 trillion respectively.

An aggregate of 2.63 billion units of shares were traded in 20,848 deals, valued at N26.9 billion.

The market breadth in the course of last week closed positive as 35 equities emerged as gainers as against 27 equities that declined in their share prices.

Top 10 Gainers

Meyer Plc led other gainers in the course of last week with 50% growth, closing at N0.33 from the previous close of N0.22.

Consolidated Hallmark Insurance, Academy Press, UPDC and Royal Exchange grew their share prices by 25%, 20.51%, 19.19% and 13.21% respectively.

Others among top ten gainers include: Ecobank (13.13%), Champion Breweries (12.92%), GTCO (9.96%), Skyway Aviation (9.66%) and Abbey Mortgage Bank (9.47%) respectively.

Top 10 Losers

Unity Bank led other price decliners in the course of last week as it shed 15.69% of its share price to close at N0.43 from the previous close of N0.51.

Dangote Cement, Linkage Assurance, ABC Transport and May & Baker shed their share prices by 10%, 8.93%, 8.82% and 8.69% respectively.

Others among top ten price decliners include: Cutix Plc (-8.30%), AIICO Insurance (-8.11%), UACN (-8.00%), Custodian Investment (7.79%) and Neimeth (-6.86%) respectively.



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