DANGOTE, BUACEMENT weigh on Nigerian stocks, despite gains from Zenith Bank, GTBank

 BUACEMENT (-6.42%) and DANGCEM (-3.42%) were the major drivers of the plunge, despite the latter’s announcement of an N16/share dividend.

 

The Nigerian bourse ended the last trading session of the week on a bearish note.

The All Share Index plunged by 1.37% to close at 38,382.39 index points as against the +0.54% gain recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -4.69%.

·        On the sectoral front, the Industrial Goods (-4.40%) and the Oil and Gas (-0.22%) sectors closed lower on losses in BUACEMENT (-6.42%) and OANDO (-4.39%).

·        Conversely, the Banking (+2.80%), Insurance (+0.94%), and Consumer Goods (+0.08%) sectors closed higher on gains in ZENITHBANK (+2.27%), AIICO (+3.33%), and NASCON (-2.76%

·        The market breadth closed positive as IKEJAHOTEL led 25 Gainers as against 11 Losers topped by LASACO at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

1.   IKEJAHOTEL up 10.00% to close at N1.1

2.   ETERNA up 9.84% to close at N5.58

3.   UCAP up 7.37% to close at N5.1

4.   UBN up 4.95% to close at N5.3

5.   AFRIPRUD up 4.90% to close at N5.35

Top Losers

1.   LASACO down 6.92% to close at N1.21

2.   BUACEMENT down 6.42% to close at N69.95

3.   NEIMETH down 6.32% to close at N1.78

4.   COURTVILLE down 4.76% to close at N0.2

5.   OANDO down 4.39% to close at N3.05

6.    Outlook

7.    The All Share Index wrapped up a turbulent week on a daunting note, shedding a gaping 1.37% in Friday’s session.

8.    BUACEMENT (-6.42%) and DANGCEM (-3.42%) were the major drivers of the plunge, despite the latter’s announcement of a N16/share dividend recommendation by the board to its shareholders.