IN DETAIL: Nigerian stock market loses N1.67trn ahead of Dangote refinery IPO

The Nigerian Exchange (NGX) extended its losses on Wednesday, with market capitalisation falling by N1.67 trillion as 45 stocks recorded declines.

According to NGX data, the all-share index (ASI) fell 1.05 percent to close at 242,223.10 points.

Market capitalisation declined from N158.72 trillion on Tuesday to N157.05 trillion, representing a loss of about N1.67 trillion in one trading session.

The decline followed a 1.17 percent drop on Tuesday, when the index closed at 244,802.11 points.

The two-day decline has taken the ASI 5,476.68 points below Monday’s close of 247,699.78 points.

NGX market capitalisation had crossed the N160 trillion mark on Monday, when it closed at N160.60 trillion.

SHARE PRICES FALL ACROSS 45 STOCKS

Advertisement
BUA Cement Plc and StanbicETF30 recorded the biggest declines on Wednesday, each falling 10 percent to close at N278.10 and N1,140.89, respectively.

VSP Bond ETF fell 9.97 percent to N198.05, while Cadbury Nigeria Plc declined 9.94 percent to N58.45.

International Energy Insurance Plc lost 9.88 percent to N2.28, while Tripple Gee and Company Plc fell 9.79 percent to N2.58.

Nigerian Breweries Plc declined 9.76 percent to N74, while UPDC Real Estate Investment Trust fell 9.75 percent to N12.50.

Neimeth International Pharmaceuticals Plc dropped 9.66 percent to N6.55, while Abbey Mortgage Bank Plc declined 9.35 percent to N6.30.

FTG Insurance Plc fell 9.15 percent to N1.49, while Vetiva Industrial ETF declined 8.47 percent to N108.

Mutual Benefits Assurance Plc lost 7.54 percent to N2.82, while Sovereign Trust Insurance Plc fell 7.51 percent to N1.60.

Avance Capital Plc and Capitalfield Investment Group Plc each declined 7.41 percent, closing at N5.

Austin Laz & Co. Plc fell 7.17 percent to N2.20, while Nestlé Nigeria Plc declined 6.51 percent to N2,800.

Vetiva Banking ETF fell 6.33 percent to N26.50, while NEM Insurance Plc declined 6.30 percent to N29.

Lasaco Assurance Plc fell 5.91 percent to N1.75, while Guinea Insurance Plc declined 5.71 percent to N0.66 kobo.

Tantalizer Plc fell 5.66 percent to N3.50, while Transcorp Plc declined 5.57 percent to N33.05.

May & Baker Nigeria Plc declined 5.26 percent to N36, while Linkage Assurance Plc fell 4.49 percent to N1.70.

FCMB Group Plc declined 4.42 percent to N10.80, while RT Briscoe Plc fell 4.26 percent to N9.

Oando Plc lost 4.14 percent to N33.55, while Wema Bank Plc declined 3.87 percent to N28.55.

Livestock Feeds Plc fell 3.55 percent to N6.80, while Consolidated Hallmark Holdings Plc declined 3.23 percent to N6.

NewGold ETF fell 3.17 percent to N91,501, while Access Holdings Plc declined 3.07 percent to N26.80.

Consolidated Hallmark Insurance Plc fell 2.79 percent to N2.09, while AIICO Insurance Plc and Nigeria Police Force Microfinance Bank Plc each declined 2.70 percent.

African Prudential Plc fell 2.38 percent to N10.25, while Chams Plc declined 2.29 percent to N3.42.

Fidelity Bank Plc fell 1.81 percent to N19, while Meristem Growth ETF declined 1.46 percent to N121.

Wapic Insurance Plc fell 1.35 percent to N2.20, while Guaranty Trust Holding Company (GTCO) declined 1.31 percent to N128.

Jaiz Bank Plc fell 1.27 percent to N7.80, while SiamLETF40 declined 0.83 percent to N1,784.99.

Despite Wednesday’s decline, the NGX’s year-to-date return stood at 55.66 percent.

DANGOTE REFINERY IPO SET FOR SEPTEMBER 14

The market decline came ahead of the public offer by Dangote Petroleum Refinery and Petrochemicals.

The offer is scheduled to open on September 14 at N525 per share and comprises 4.1 billion ordinary shares.

At the offer price, the shares are valued at N2.15 trillion if fully subscribed.

The minimum subscription is 10 shares, requiring an investment of N5,250.

The company is targeting about 10 million investors, with retail participation a major focus of the offer.

The offer is scheduled to close on October 13, while the shares are expected to begin trading on the NGX in November. (TheCable)