Investors dump cement companies’ shares, losses hit N308bn

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Equity investors on Thursday sold shares in Lafarge Africa Plc and BUA Cement Plc as the losses in the market hit N308bn.

The sell-offs, according to analysts at Afrinvest Securities Limited, dragged the industrial goods index lower by 2.1 per cent.

The market capitalisation of equities, which had dropped below the N15tn mark on Wednesday, declined further on Thursday to close at N14.95tn.

The All Share Index shed 0.27 per cent to close at 29,030.93 basis points.

Analysts said major losses in UACN Plc, Union Diagnostic and Clinical Services Plc and Transnational Corporation of Nigeria Plc dragged the ASI lower, which pushed the year-to-date return lower to 8.2 per cent.

However, activity level improved as volume and value traded rose by 13.1 per cent and 98.1 per cent to 274.47 million units and N9.10bn respectively.

The most active stocks by volume were Guaranty Trust Bank Plc (75.7 million units), MTN Nigeria Communications Plc (37.5 million units) and United Bank for Africa Plc (26.9 million units). MTN Nigeria (N4.6bn), GTB (N2.3bn) and Zenith Bank Plc (N507.3m) led the top traded stocks by value.

Performance across sectors was mixed as three indices recoded losses, while the AFR-ICT index closed flat.

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