NSE index down 2.8%, as CCNN, Dangote Cement, GTB top losers

The Nigerian Equities market on Monday fell to pressure from profit taking activities for the second consecutive trading session as the NSE All Share Index (ASI) which serve as the key benchmark indices dropped 2.8 per cent to settle at 35,844 basis points from 36,864.71 on Friday.

The market capitalization dropped by N351.8 billion or 2.8 per cent to N12.354 trillion from N12.705 trillion it closed on Friday

Consequently, the number of gainers at the close of trading session on Monday was 23 while 27 equities recorded decline.

Leading the day’s losers were Cement Company of Northern Nigeria (CCNN) with a loss of 9.65 per cent at a close of N8.33 per share. Dangote Cement and Guaranty Trust Bank (GTB) followed with a loss of 4.99 percent each to close at N223.75 and N39.05per share respectively

On the flip side, Dangote Sugar Plc led the gainers with a growth of 10.22 per cent to close at N11.97 per share while Nascon Allied Plc followed with a gain of 10.15 per cent to close at N10.42 per share and CI Leasing gained 8.70 per cent to close at 75 kobo per share.

Reflecting on the half year results, Dangote Cement’s Chief Executive Officer, Onne van der Weijde expressed satisfaction that the company’s revenues have continued to grow despite low sales from the Nigerian operations noting that the revenues grew on the strength of sales from other African operations

He said: “Our revenues have continued to grow despite the lower volumes seen in Nigeria, especially because of the recent heavy rains. Our margins have improved significantly, helped by improved efficiencies and a much better fuel mix in Nigeria.

The market closed with a turnover of 490.2 million shares worth N5.3 billion traded by investors in 5,558 deals.