The Nigerian equities market experienced a downturn today, with the All-Share Index shedding 166bps to close at 103,622.09 points. The decline was primarily driven by a sharp decline in Dangcem, which dropped 9.98% to N431 following a cross trade. Other major decliners included MTNN (-3.72%), Julius Berger (-9.98%), Honeywell Flour Mills (-10.00%), FCMB (-2.80%), and Sterling Bank (-3.45%). Despite the bearish trend, some stocks recorded gains, like NASCON (+6.06%), Etranzact (+6.15%), Unilever (+5.00%), Oando (+2.42%), and Dangsugar (+1.52%).
Market turnover was decent at N12.75 billion ($8.21 million), buoyed by block trades in GTCO, Nigerian Breweries and active trades in Zenith Bank, UBA, and NASCON. Additionally, an off-market transaction involving 3 million units of BUA Foods, valued at about N1 billion, contributed to the day’s performance.