GTBank, Dangote Cement, others struggle as NSE maintains poor outlook

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Stocks such as Dangote Cement Plc, Guaranty Trust Bank Plc and UBA Group Plc have continued to experience huge loss as the Nigerian Stock Exchange (NSE) refuses to pick up speed.

The stocks have declined rapidly,  dropping to one-year low levels and two-year low levels in some cases.

For International Breweries Plc, its share price drops to a one-year low level of N9.75 last week and maintained the position as the market conditions failed to improve significantly.

The IB Plc, which recorded a loss of N1.40bn in 2017, saw a decrease in its profitability as its losses intensified in 2018, totalling N3.87bn.

Also, Fidelity Bank Plc saw its share price drop by 4.73 per cent on Wednesday to close at N1.61, close to a one-year low level of N1.40.

Dangote Cement also spiralled to its one-year low level of N161 while its share price closed at N165.50 on Wednesday at the NSE.

Other banking stocks such as Wema Bank Plc, Unity Bank Plc, GTB, FBN Holdings Plc and UBA also saw their share prices draw closer to respective one-year low levels of 50 kobo, 58 kobo, N25.70, N4.55 and N5.40.

UBA’s share price remained unchanged at N5.90 at the end of trading on Wednesday.

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The market capitalisation of equities at the NSE rose marginally by N3bn on Wednesday to N13.431tn from N13.428tn on Tuesday, but trade volume continues to drop.

On Wednesday, the top traded stocks by volume were Transnational Corporation of Nigeria Plc (39.1 million units), MTN Nigeria Communications Plc (15.3 million units) and Lafarge Africa Plc (10.4 million units) while MTN (N2.1bn), Lafarge (N147.7m) and Zenith Bank Plc (N140.1m) were the top traded stocks by value.

The Insurance index led gainers, up by 2.25 per cent as investors took positions in Continental Reinsurance Plc, Wapic Insurance Plc and Lasaco Assurance Plc.

The industrial and oil and gas indices rose by one per cent and 0.86 per cent, respectively following buying interests in Cement Company of Northern Nigeria Plc, Lafarge Africa, Dangote Cement, Oando Plc and Forte Oil Plc.

The NSE’sbanking index lost the most, shedding 1.34 per cent on the back of losses in Zenith Bank, Access Bank Plc and FBN Holdings.

Sell-offs in PZ Cussons Plc and Honeywell Flour Mills Plc dragged the consumer goods index lower by 0.10 per cent.

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