The Nigerian equities market failed to sustain the positive sentiment exhibited in the previous trading session as it experienced a downward trend on Wednesday, reversing the previous day’s gains, due mainly to selloffs observed in shares of blue chip stocks Airtel Africa, UBA and Oando.
Consequently, the market All-Share Index and market capitalisation dipped 0.57 percent, with the NGXASI closing at 96,567.24 points from 97,123.61 points on Tuesday.
Summarily, investors lost N337.13 billion as market capitalisation slipped to N58.51trn while the year-to-date return dropped to 29.15 percent.
The market breadth closed negatively with 21 losers including UBA, OANDO, NASCON, TRANSCORP, AIRTELAFRI, and GTCO which lost 9.99 percent, 9.98 percent, 7.83 percent, 3.33 percent, 2.0 percent and 1.91, percent respectively to lead 16 others, against 20 gainers and 83 unchanged equities.
Sectoral performance was mixed as the Banking and Consumer Goods sector declined by 0.9 and 0,1 percent respectively, while the Oil and Gas and Insurance sector recorded 0.8 and 0.5 percent advance induces each, just as the Industrial Goods index closed flat.
The total volume traded decreased by 88.4 percent to 418.39 million units, valued at N10.04 billion, and exchanged in 9,021 deals. STERLING was the most traded stock by volume at 79.65 million units, while UBA was the most traded stock by value at N2.57 billion.
Dangote, a pillar of strength for Nigeria’s industrial growth – LCCI
Dangote Industries Limited has restated its commitment to driving the diversification of Nigeria’s economy for growth and job prospects through strategic investments.
This is just as the Lagos Chamber of Commerce and Industries described the Company as the pillar and strength of the nation’s economy with its many investments.
Dangote said while it produces critical household items, some of its other products serve as either feedstock or raw materials for other manufacturers as a sure way of galvanizing the nation’s economic independence through industrialization.
The Company’s position came from the Group Executive Director, Commercial Operations, Dangote Industries Limited, Fatima Aliko-Dangote during the Dangote Group Special Day ceremony at the ongoing 2024 Lagos International Trade Fair in Lagos just as the president of Lagos Chamber of Commerce & Industry, Gabriel Idahosa described the Company as a pillar of industrial strength and resilience for the Country.
The Group Executive Director, represented by the Director, Depot and Logistics, Dangote Cement Plc, Dolapo Alli, said “as a strategic sponsor of the Lagos International Trade Fair, this year’s theme, “Connecting Businesses, Creating Value,” resonates deeply with business objectives of the Conglomerate.
She noted that “at Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own.”
“This commitment informs our active membership in the LCCI and our consistent participation in its activities. Businesses need connections at various levels—business-to-business, distributorship, and ultimately with the final consumers.”
She pointed out that “our recent flagship project, the Dangote Refinery and Petrochemicals, has commenced operations with the rollout of Premium Motor Spirit (PMS), automotive gas oil, JET A1, and other products, including polypropylene.
“We are optimistic that many new manufacturing outfits will emerge relying on both the products and byproducts of the petroleum complex as feedstock in their production processes.”
According to Hajiya Aliko-Dangote, the evolution of these mutual interdependent industries is expected to revolutionize Nigeria’s economy by creating linkages between different industrial sectors. The linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.
“Linkages are vital in sustainable economic and industrial development. We are envisaging a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population.”
She emphasized that “our participation in this Fair, apart from the exhibitions, is to seek connections with other businesses. We have dedicated staff on ground manning the offices at our stand who are to provide necessary information to all businesses and individuals who desire to do business with us.”
On the Group’s interventions, Aliko-Dangote added that “we have commenced export of products from our petroleum refinery to other parts of the world. We also export fertiliser.
“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. The Group also plays a critical role in export financing, particularly through its cement business.
“Our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has also helped reduce pressure on foreign exchange.”
She further said “Dangote Fertiliser Limited is the largest Granulated Urea Fertiliser complex in Africa. Dangote Sugar is committed to ensure that Nigeria ends the importation of raw sugar into the country by actively intensifying its execution of the Sugar Backward Integration.”
Also, the President of LCCI, Gabriel Idahosa said that in a nation facing complex economic challenges, the Dangote Group has remained a pillar of industrial strength and resilience, embodying the values of innovation, diversification, and a steadfast commitment to Nigeria’s economic growth.
He added that the Dangote Group’s journey is a story of strategic diversification and visionary leadership, capitalizing on Nigeria’s rich natural resources and creating millions of jobs, opportunities for SMEs, and an environment for foreign investments.
He further said that the Group’s commitment to backward integration, where inputs are sourced locally whenever possible, has not only reduced its exposure to foreign exchange volatility but also spurred local industry development.
