High trading in the shares of Dangote Cement Plc yesterday lifted the volume and value of transactions at the stock market despite the continued dominance of the bears. The volume and value of trading rose by 49.5 percent and 290 percent respectively, to 363.2 million shares worth N19 billion. Dangote Cement Plc accounted for the 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 percent to close at 26,583.75, while the market capitalization 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 percent.
A total of 15 stocks lost value yesterday while only eight appreciated. WAPIC Insurance Plc led the price losers with 8.5 percent, followed by Linkage Assurance Plc with 7.8 percent. Custodian Investment Plc shed 5.8 percent, while Honeywell Flour Mills Plc and Royal Exchange Plc went down by 5.0 percent and 4.7 percent respectively. Cutix Plc and Ecobank Transnational Incorporated depreciated by 3.21 percent and 2.6 percent in that order.
Fidson Healthcare Plc, which recently paid a dividend of 15 kobo per share to shareholders was also among the price losers, going down by 1.3 percent. 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 said, 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 percent, trailed by Livestock Feeds Plc with 9.3 percent. United Capital Plc chalked up 7.5 percent, while Associated Bus Company Plc garnered 5.2 percent.
Wema Bank Plc and FBN Holdings Plc gained 3.4 percent and 0.9 percent respectively.