High speculation in the shares of Dangote Cement Plc recently raised the volume and value of transactions at the stock market notwithstanding the continued dominance of the bears. The volume and value of trading rose by 49.5 per cent and 290 per cent respectively, to 363.2 million shares worth N19 billion. Dangote Cement Plc estimated 114.7 million shares valued at N16.6 billion.
Despite the high market turnover, the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.06 per cent to close at 26,583.75, while the market capitalisation shed N7.4 billion to close at N12.9 trillion.
The market has remained bearish as investors adopt cautious trading awaiting major stimulus and corporate earnings report for the third quarter. Year-to-date, the market has declined by 15.4 per cent.
A total of 15 stocks lost value yesterday while only eight appreciated. WAPIC Insurance Plc led the price losers with 8.5 per cent, followed by Linkage Assurance Plc with 7.8 per cent. Custodian Investment Plc shed 5.8 per cent, while Honeywell Flour Mills Plc and Royal Exchange Plc went down by 5.0 per cent and 4.7 per cent respectively. Cutix Plc and Ecobank Transnational Incorporated depreciated by 3.21 per cent and 2.6 per cent in that order.
Fidson Healthcare Plc, which recently paid a dividend of 15 kobos per share to shareholders was also among the price losers, going down by 1.3 per cent. The Chairman of the company, Mr Segun Adebanji, told shareholders that the company would continue to strengthen its operating facility with fashion and retooling.
He said through capital injections, business re-alignment and useful industry alliance/collaborations, the board and management are poised to reposition the business in order to take advantage of the growth opportunities in the market.
He also stated that the company’s capital structure received attention in the form of lowering the gearing level as they believe this would impact positively on the company’s profitability as the future remains bright.
“We are currently expanding our capacity utilization through increased production and contract manufacturing for other notable companies in the industry,” Adebanji said.
Meanwhile, Learn Africa Plc led the price gainers with 9.8 per cent, trailed by Livestock Feeds Plc with 9.3 per cent. United Capital Plc chalked up 7.5 per cent, while Associated Bus Company Plc garnered 5.2 per cent.
Wema Bank Plc and FBN Holdings Plc gained 3.4 per cent and 0.9 per cent respectively.