By Dipo Olowookere
The appetite for Dangote Cement shares and others pushed the Nigerian Exchange (NGX) Limited higher by 2.48 per cent on Monday, propelling the All-Share Index (ASI) above 64,000 points at the close of trades.
According to data from the bourse yesterday, the index grew by 1,562.82 to 64,603.69 points from 63,040.87 points, as the market capitalisation increased by N851 billion to N35.177 trillion from N34.326 trillion.
The industrial goods sector gained 5.13 per cent during the trading day, the insurance industry rose by 4.18 per cent, the energy counter improved by 2.61 per cent, and the banking index increased by 1.73 per cent, while the consumer goods sector fell by 0.18 per cent.
Business Post reports that the demand for the equities of Dangote Cement was influenced by the share buyback programme of the cement miller, landing the stock on the top 5 gainers’ table yesterday.
MRS Oil, Neimeth, Jaiz Bank, Daar Communications, and Dangote Cement appreciated by 10.00 per cent each on Monday, closing at N109.45, N2.20, N1.98, 22 Kobo, and N330.10, respectively.
On the flip side, Pharma-Deko lost 9.85 per cent to settle at N1.83, Union Dicon shed 9.50 per cent to trade at N8.10, Berger Paints depreciated by 9.09 per cent to N10.00, Guinea Insurance went down by 7.69 per cent to 24 Kobo, and Champion Breweries dwindled by 5.43 per cent to N4.35.
At the close of business, the exchange printed 71 price gainers and 19 price losers, signifying a positive market breadth and a very strong investor sentiment.
The level of activity improved during the session as 1.8 billion stocks worth N22.0 billion exchanged hands in 14,584 deals compared with the 1.2 billion stocks worth N13.9 billion transacted last Friday in 10,393 deals, representing an increase in the trading volume, value, and the number of deals by 50.00 per cent, 58.27 per cent, and 40.33 per cent apiece.
The silent leadership tussle in FBN Holdings continued as its shares finished as the most traded yesterday after the sale of 198.2 million units valued at N4.4 billion.
Universal Insurance exchanged 184.7 million stocks for N53.5 million, Sterling Holdings traded 161.7 million equities worth N724.3 million, Transcorp transacted 156.4 million shares valued at N706.9 million, and AIICO Insurance sold 98.3 million equities for N73.6 million.
Modupe Gbadeyanka