Stock Market Gains N309bn Amid Investors’ Demand for Dangote Cement, Others

Kayode Tokede 

The Nigerian stock market yesterday closed on a positive note with a gain of N309 billion on renewed appetite for Dangote  Cement  Plc and 25 others

Amid 0.98per cent appreciated  in Dangote Cement to N516.20 per share, the Nigerian Exchange Limited All Share Index (NGX ASI) gained by 489.45 basis points or 0.35 per cent to close at 142,036.23 basis points with the Month-to-Date (MtD) and Year-to-Date (YtD) returns settled at +0.1per cent and +38per cent, respectively.

Also, market capitalisation rose by N309 billion to close at N89.865 trillion.

Sectoral performance was mixed as the  NGX Oil &Gas Index advanced by  2.6per cent, NGX Consumer Goods gained one per cent, and NGX Industrial Goods increased by 0.1 per cent, while the NGX Insurance index depreciated by 1.6per cent and NGX Banking declined by  0.2per cent.

Market sentiment was subdued, reflected by a negative breadth with 26 stocks advancing against 32 decliners. Chellarams recorded the highest price gain of 9.77 per cent to close at N14.60, per share. Austin Laz & Company followed with a gain of 9.67 per cent to close at N2.95, while The Initiates Plc (TIP) up by 8.08 per cent to close at N12.97, per share.

Sovereign Trust Insurance grew by 7.37 per cent to close at N3.06, while Aradel Holdings rose by 6.97 per cent to close at N583.00, per share.

On the other hand, Guinea Insurance led the losers’ chart by 9.70 per cent to close at N1.49, per share. Cornerstone Insurance followed with a decline of 8.68 per cent to close at N6.52, while Legend Internet declined by 7.27 per cent to close at N5.10, per share.

Deap Capital Management & Trust depreciated by 7.06 per cent to close at N1.58, while Thomas Wyatt Nigeria declined by 6.49 per cent to close at N2.45, per share.

Also, the total volume advanced by 142.09 per cent to 1.005 billion units, valued at N24.655 billion, and exchanged in 23,281 deals. Transactions in the shares of Abbey Mortgage Bank topped the activity chart with 401.065 million shares valued at N2.727 billion. Fidelity Bank followed with 254.810 million shares worth N5.274 billion, while United Bank for Africa (UBA) traded 23.221 million shares valued at N1.095 billion.

First Holdco traded 22.529 million shares valued at N699.630 million, while Access Holdings sold 17.476 million shares worth N473.992 million.