Nestle, Dangote Cement drag NSE down 2.37%

The Nigerian Equity Market reversed the four consecutive four trading days uptrend on Thursday as it shed 2.37 per cent on the back of declined recorded by large stocks led by Nestle and Dangote Cement.

The All Share Index (ASI) dropped 787.85 absolute points, representing a dip of 2.37 per cent to close at 33,403.60 points, while Market Capitalization dipped by N287.62 billion, representing 2.37 per cent decline to  close at N11.83 trillion.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Limited told NAN that decline was due to profit taking embarked upon by investors as they took advantage of gains recorded in the last couple of days.

Nestle topped the losers’ chart, declining by N30 to close at N1,370 per share.

Dangote Cement trailed with a loss of N14.50 to close at N200, while Unilever was down by N2.65 to close at N43 per share.

Flour Mills dipped 85k to close at N19.65, while FBN Holdings declined by 45k to close at N9.20 per share.

On the other, Guinness led the gainers’ table, growing by N1 to close at N80.50 per share.

Forte Oil followed with a gain of 50k to close at N21, while Nigerian Breweries appreciated by 40k to close at N88.10 per share.

Cadbury added 35k to close at N9.50, while Zenith Bank advanced by 20k to close at N24.20 per share.

In spite of the drop in market indicators, the volume of shares traded closed higher as investors bought and sold 380.97 million shares valued at N2.33 billion and transacted in 3,278 deals.

NAN reports that this was in contrast with 185.19 million shares worth N2.35 billion shares achieved in 3,180 deals.

FCMB Group was the most traded, exchanging 142.69 million shares valued at N222.12 million.

Access Bank followed with an account of 90.79 million shares valued at N726.32 million, while Transcorp traded 16.35 million shares worth N22.04 million.

Regency Insurance traded 16.34 million shares valued at N3.27 million, while Sterling Bank sold 14.11 million shares worth N21.17 million.