Amaechi Raphael Chinedu
@Official_ARC·3h
Dangote Cement's record results met a flat stock. Banks took the NGX lower
Wednesday's close: the All-Share Index fell 0.44% (-1,107.28 pts) to 252,882.78, snapping a three-day winning run one session after Tuesday's record. Market value slipped about ₦718.95bn to ₦164.19trn, and the index is still up roughly 62.5% this year.
This morning we asked how the market would react to Dangote Cement's nine-month numbers (profit after tax up 31.2% to a record ₦974.8bn). The answer: it didn't move. 
$DANGCEM closed flat at ₦1,341.90, even though it was the most traded stock by value, with about ₦4.86bn changing hands. After a 33% run in three days, the market seems to have priced in a lot of the good news already.
Banks did the damage. The Banking Index fell 2.36%, the worst sector of the day. First HoldCo dropped the maximum 10% to ₦139.50, a day after one huge ₦416bn trade in the stock. Fidelity (-3.18%) and 
$GTCO (-1.79%) also slipped, the latter a day after its nine-month pre-tax profit came in 2.3% lower. The odd one out was UBA, up 6.83% to ₦43.00 on 38.48m shares, the busiest stock by volume.
Breadth stayed negative, with 26 stocks up and 30 down. Trading was much quieter without yesterday's giant deal: 404.11m shares worth ₦27.91bn, across 39,012 deals.
Top gainers: Sovereign Trust Insurance (+10.00% to ₦1.98), UPDC REIT (+9.61% to ₦21.10), Austin Laz (+9.21% to ₦2.61). Top losers: First HoldCo (-10.00%), Tripple Gee (-5.51% to ₦2.40), eTranzact (-4.76% to ₦16.00).
Why it matters: great results don't always mean a higher price on the day. What the market expected can matter as much as what the company reported.
Want to see how today hit your own holdings? Add your portfolio on Gopexly and check it in your own numbers.
Not financial advice, just the close.
$DANGCEM closed flat at ₦1,341.90, even though it was the most traded stock by value, with about ₦4.86bn changing hands. After a 33% run in three days, the market seems to have priced in a lot of the good news already.
Banks did the damage. The Banking Index fell 2.36%, the worst sector of the day. First HoldCo dropped the maximum 10% to ₦139.50, a day after one huge ₦416bn trade in the stock. Fidelity (-3.18%) and $GTCO (-1.79%) also slipped, the latter a day after its nine-month pre-tax profit came in 2.3% lower. The odd one out was UBA, up 6.83% to ₦43.00 on 38.48m shares, the busiest stock by volume.
Breadth stayed negative, with 26 stocks up and 30 down. Trading was much quieter without yesterday's giant deal: 404.11m shares worth ₦27.91bn, across 39,012 deals.
Top gainers: Sovereign Trust Insurance (+10.00% to ₦1.98), UPDC REIT (+9.61% to ₦21.10), Austin Laz (+9.21% to ₦2.61). Top losers: First HoldCo (-10.00%), Tripple Gee (-5.51% to ₦2.40), eTranzact (-4.76% to ₦16.00).
Why it matters: great results don't always mean a higher price on the day. What the market expected can matter as much as what the company reported.
Want to see how today hit your own holdings? Add your portfolio on Gopexly and check it in your own numbers.
Not financial advice, just the close.0 views
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