Dangote Cement, MTN drag Nigerian equity market down further

Losses recorded by largely capitalized stocks, led by Dangote Cement and MTN Nigeria, weighed down the Nigerian equity market on Thursday.

The All Share Index (ASI) lost 181.45 absolute points, representing 0.66 per cent decline to close at 27,425.57 points, the Market Capitalization shed N88.27 billion, dipping 0.66 per cent to close at N13.34 trillion.

Continental Reinsurance added 9.79 per cent to close at N1.57, emerging the top gainer among 17 other advancers.

Africa Prudential gained 8.57 per cent to close at N3.80 and Forte Oil was up 6.82 per cent to close at N16.45, to emerge second and third gainers respectively.

Inversely, UAC of Nigeria shed 9 per cent to close at N4.55 to top the 14 losers-list; Flour Mills of Nigeria dipped 5.59 per cent to N13.50, UACN Property Development Company lost 5.38 per cent to close N0.88 to become the second and third top losers respectively.

Investors exchanged a total of 116.07 million shares valued at N1.65 billion in 3,129 deals with Zenith Bank trading 19 million shares worth N353.4 million in 368 deals, to emerge the most active stock on Thursday.