Equities investors lost about N202 billion as Dangote Cement flipped, losing 10% of its market value on the Nigerian Exchange (NGX) trading platform on Friday.

The pause to bullish trend moderated year to date return while key market performance indicators dropped by 0.30% apiece, according to data from the local bourse.

Despite a largely positive market breadth, the downturn was triggered by sell-offs in heavyweight stocks such as Dangote Cement, the most capitalised company, and 13 others, stockbrokers said in separate report.

The All-Share Index reduced by 321.21 basis points to close at 105,753.05 as bears overran the exchange.  Market activities were up though, as the total volume and total value of trades conducted in the local exchange increased by 30.41% and 94.54%.

In its note, Atlass Portfolios Limited told investors that approximately 428.08 million units valued at ₦20,174.97 million were transacted across 14,284 deals.

In terms of volume, GTCO led the activity chart, accounting for 14.40% of the total volume of all trades consummated, followed by FIDELITYBK (9.82%), ACCESSCORP (9.62%), MTNN (7.82%), and ZENITHBANK (5.44%), rounding out the top five.

MTNN emerged as the most traded stock in value terms, accounting for 40.98% of the total value of transactions on the exchange on Friday. IKEJAHOTE, INTBREW and LEGENDINT topped the advancers’ chart with a price appreciation of 10.00 percent each.

Other gainers include VITAFOAM (+9.93%), CADBURY (+9.92%), ETERNA (+9.92%), NASCON (+9.74%), ETI (+9.40%), and thirty-three others.

On Friday, fourteen stocks depreciated, according to details obtained from the domestic bourse.  DANGCEM was the top loser, with a price depreciation of -10.00%.

Other decliners include REGALINS (-8.06%), VFDGROUP (-7.57%), CUSTODIAN (-4.97%), DANGSUGAR (-2.03%), and ACCESSCORP (-0.42%). Further review of trading activities showed that the market breadth closed positive, recording 41 gainers and 14 losers.

The sectoral performance was positive, as four of the five major market sectors surged, led by the consumer goods sector, which advanced by 2.21%.

The banking sector rose by 1.55%, and the insurance sector surged by 1.50%, while the oil & gas sector popped higher by 0.07%. The industrial sector recorded a loss of 4.73%. Overall, the equities market capitalisation dropped by ₦201.88 billion to close at ₦66.47 trillion.

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved the appointment of members of the Interim Management Board of the Ibrahim Badamasi Babangida (IBB) Golf Club in Abuja.

The latest development was contained in a statement issued on Saturday by Wike’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka.

According to the statement, while Peter Deshi was appointed as the chairperson of the Interim Management Board, Yomi Oyelola will serve as the secretary.

Other members of the Interim Management Board are: Otunba Gbengba Elegbeleye, Arc. Nanwor Mamven, Mrs. Ekanem Ekwueme, Arc. Arabi Bello, Lawan Aboki, Okey Nnaedozie, Fred Otobo and Julius Fadairo.

The statement added, “By this appointment, members of IBB Golf Club Interim Management Board are to assume duty with immediate effect.

“The FCT Minister congratulates the appointees and urge them to work assiduously for the repositioning of the IBB Golf Club.”

In related news, there was palpable tension on Saturday in Yenagoa, Bayelsa state, after sounds of gunshots disrupted a mega rally by a political group reportedly loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

Reports obtained by Naija News revealed that the rally is being organized by a group coordinated by a prominent member of the Peoples Democratic Party (PDP) in the state, George Turnah.

The rally was ongoing when sounds of gunshots blazed across the area, raising concerns among residents.

Moments later, normalcy was restored in the area according to the Secretary of NEW Associates in Bayelsa, Comrade Ebilade Ekerefe, who interacted with journalists.

He noted that the rally would continue despite the disruption.

At least five persons have been confirmed dead following an explosion at a residential home where illegally refined petroleum products were stored in Ogba/Egbema/Ndoni Local Government Area (ONELGA) of Rivers State.

The Youths and Environmental Advocacy Centre (YEAC-Nigeria) confirmed the explosion and subsequent fire, which occurred in the late hours of Saturday, April 26.

In a statement issued on Saturday, the Executive Director of YEAC-Nigeria, Dr. Fyneface Dumnamene Fyneface, said, “The incident occurred at about 11 am, claiming the lives of five persons—four females and one male—who were burnt beyond recognition.”

Fyneface urged authorities to investigate the incident thoroughly and cautioned residents and youths against engaging in pipeline vandalism, crude oil theft, artisanal refining, and trading in illegally refined petroleum products.

He said, “We warn residents against home storage of illegal petroleum products to avoid ugly incidents of this nature.”

Fyneface also renewed calls on the Federal Government to legalise artisanal refineries in the Niger Delta through the establishment of the proposed Presidential Artisanal Crude Oil Refining Development Initiative (PACORDI) or Modular Refineries for artisanal refiners to help mitigate such tragedies.

The Public Relations Officer of the Rivers State Police Command, Grace Iringe-Koko, also confirmed the explosion.

Speaking with Vanguard, Iringe-Koko said, “It was a condensate kerosene product that was stored to be sold. Somebody brought a lighted stove close to the place where the product was stored to cook Indomie, and that ignited the fire.”

She added that four persons were confirmed dead from the explosion and assured that, “the police will investigate the matter.”