A wave of selling selling pressure swept through the Nigerian Stock Exchange on Wednesday, September 9, as investors kept selling shares to raise cash for the Dangote Petroleum Refinery public offer that will open on Monday, September 14.
Tuesday’s session at the market set the tone for the massive selling of stocks that cut across all the sectors.The All-Share Index fell 1.17%, shedding 2,897.67 points to close at 244,802.11.
Market capitalisation also dropped by about ₦1.88 trillion to ₦1.9 trillion, with only four gainers against a long list of decliners. Analysts tied the sell-off to cash-raising ahead of the Dangote offer.
Wednesday did not reverse that pressure. By 4:00 p.m., the market was still dominated by losers, including BUACEMENT and STANBICETF30, both down 10.00%, CADBURY down 9.94%, INTENEGINS down 9.88%, TRIPPLEG down 9.79%, Nigerian Breweries down 9.76%, UPDCREIT down 9.75%, NEIMETH down 9.66%, ABBEYBANK down 9.35%, FTGINSURE down 9.15% and VETINDETF down 8.47%. Earlier casualties included ACCESSCORP, FCMB, OANDO, WEMABANK, GTCO and Fidelity Bank.
A handful of stocks still managed to finish higher. Champion Breweries rose 9.90% to ₦11.10 and UPDC added 5.88% to ₦3.60. Ikeja Hotel, Cutix, VFD Group, Sterling Bank, Zenith Bank, TIP, NGX Group, UBA and UCAP also closed in the green.
