NGX loses ₦3.28 trillion as Dangote Cement, Presco and banks fall
- The NGX All-Share Index fell 1.98% to 249,710.59 points on Thursday, dropping below 250,000.
- Dangote Cement's 10% fall accounted for about ₦2.5 trillion, roughly three-quarters of the loss.
- Trading surged even as prices fell, with 856.28 million shares worth ₦74.09 billion changing hands.
Nigerian stocks lost about ₦3.28 trillion in value on Thursday, November 5, as heavy selling hit Dangote Cement, Presco, UAC of Nigeria (UACN), HBM Nigeria and several top banks.
The NGX All-Share Index fell 1.98%, or 5,052.22 points, to close at 249,710.59 points, down from 254,762.81 the day before. That pushed the benchmark below the 250,000-point mark. Market capitalisation dropped to ₦162.13 trillion from ₦165.42 trillion.
For ordinary Nigerians, the drop matters mostly through their pension and investment funds, which hold shares through the Nigerian Exchange (NGX). It does not directly change the price of cement or banking services.
What dragged the market down
Dangote Cement did the most damage. Its share price fell 10% to ₦1,341 from ₦1,490, wiping an estimated ₦2.5 trillion off its value — about three-quarters of the day's total loss, according to Nairametrics and BusinessDay.
Presco also fell 10% to ₦1,656.80, the biggest drop in naira terms. UACN lost 7.85% to ₦166.80 and HBM Nigeria shed 7.71% to ₦323.00.
Among the banks and other big names, First HoldCo fell 2.40% to ₦110, Nigerian Exchange Group shed 2.24% to ₦161.20 and Nigerian Breweries lost 2.50% to ₦70.20. Stanbic IBTC, GTCO and UBA also closed lower.
All six sector indices ended in the red. Industrial stocks were hit hardest, falling 7.14%. Insurance dropped 2.51% and banking 0.66%.
Market breadth was negative, with 36 losers against 20 gainers. Still, some stocks gained: CWG rose 9.94%, Abbey Mortgage Bank 9.84%, Honeywell Flour 9.82% and eTranzact 9.71%. BusinessDay also reported Transcorp Power up 8.18% to ₦219.60.
Trading jumped as prices fell
Rather than slowing, trading activity rose sharply. Investors traded 856.28 million shares worth ₦74.09 billion in 33,540 deals, against 552.31 million shares valued at ₦37.46 billion the previous session.
First HoldCo alone accounted for 478.42 million shares worth ₦44.94 billion, BusinessDay reported — over half the volume and about 61% of turnover, even as its price fell.
Despite Thursday's slide, the index is still up 60.47% since the start of the year, though the month so far is down about 1.8%. Analysts say more selling in the big stocks could keep the market shaky in the short term, while bargain hunters may step in for cheaper shares.
