Dangote Cement, 23 Others Lift Stock Market by 0.15%

Image

By Dipo Olowookere

Africa’s richest man, Mr Aliko Dangote, received a good birthday present on his 62nd birthday on Wednesday, April 10, 2019, when one of his companies, Dangote Cement, led the gainers’ chart on the Nigerian Stock Exchange (NSE) today.

Dangote Cement stock gained N1 at the close of the midweek trading session to settle at N186 per unit, lifting the local bourse from the dungeon.

It was the first time the equities market was closing bullish this week after investors had longed for that positive development that will trigger bargain hunting.

Business Post reports that the stock market appreciated by 0.15 percent today following the gains posted by Dangote Cement and 23 other counters.

The All-Share Index (ASI) closed 43.97 points higher to end at 29,202.54 points, while the market capitalisation increased by N16 billion to finish at N10.965 trillion.

Apart from Dangote Cement, Custodian Investment improved by 60 kobo to close at N6.70k per share, while Zenith Bank gained 45 kobo to end at N20.60k per share.

In addition, Fidson rose by 20 kobo to settle at N4.25k per share, while Access Bank appreciated by 15 kobo to quote at N5.85k per unit.

Conversely, CCNN and Unilever Nigeria both lost N1 each to settle for the day at N16 and N34 per share respectively.

GlaxoSmithKline and PZ Cussons lost 95 kobo each to close at N8.55k and N8.85k per share respectively, while Dangote Flour dropped 50 kobo to end at N8 per share.

It was observed that while the volume of shares appreciated today by 28.77 percent, the value decreased by 5.87 percent.

At the close of business, a total of 481.6 million equities worth N2.9 billion exchanged hands in 3,559 deals in contrast to the 374 million shares worth N3.1 billion traded the previous day in 3,634 deals.

Transcorp recorded the highest volume of transaction with a turnover of 174.6 million units traded for N200.6 million.

Union Bank exchanged 70.6 million equities worth N416.9 million, while Sterling Bank transacted 48.8 million shares for N126.9 million.

A total of 37.6 million units of Access Bank stocks were sold for N220.1 million, while GTBank sold 22.9 million equities valued at N758.5 million.

Share
Related Stories
Image
04-March-2024

NASD OTC Exchange Records First Weekly Decline in Week 9

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange, for the first time in the 2024 trading year, declined in Week 9 by 3.92 per cent, shrinking the value of investors’ portfolio by N27 billion, as the market capitalisation went down to N1,548 trillion from N1.611 trillion in Week 8. Equally, the NASD Unlisted Security Index (NSI) depreciated by 47.17 points to wrap the week at 1,141.61 points compared with the 1,188.78 points recorded in the previous week. In the week, there was a 65.1 per cent decrease in the total value of securities traded by investors to N620 million

Image
04-March-2024

NGX Posts 3.27% W-o-W Loss, MTN Closes as Worst-Performing Stock

By Dipo Olowookere The Nigerian Exchange (NGX) Limited recorded a week-on-week loss of 3.27 per cent last week as a result of profit-taking, especially after the Central Bank of Nigeria (CBN) raised the interest rate to 22.75 per cent from 18.75 per cent to attract hot money and slow down inflation, which is almost at 30.0 per cent. MTN Nigerian ended the trading week as the worst-performing stock after it shed 18.91 per cent to N200.70, and Sunu Assurances declined by 18.18 per cent to N1.71. Nestle Nigeria also dropped 18.18 per cent to sell at N900.00, CWG fell by

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

More Stories
Image
09-November-2018

UAE Company Sues China’s Merchants Port

By Paul Nyakazeya United Arab Emirates’ (UAE) DP World Limited and its subsidiaries have taken legal action against China for building an international free zone on a terminal being disputed with Djibouti. The lawsuit was filed in the High Court of Hong Kong for unlawfully procuring and inducing the Republic of Djibouti to breach various agreements between the African country and DP World. In the lawsuit, DP World sought damages, interest, and a declaration that China Merchants unlawfully procured and/or induced Djibouti’s breaches of its agreements with DP World. When the contract between DP World Limited and the Republic of

Image
27-May-2021

Nigerian Breweries Urges Artisans, Others to Submit Business Plans for Funding

By Dipo Olowookere Small business owners and artisans living in Nigeria, especially those who are consumers of Nigerian Breweries Plc, have been urged to submit their business plans to enable them to get funding support from the company. The leading brewery firm is providing at least N200,000 to each of the successful entry for its Goldberg Isedowo and Life Progress Booster initiatives. Nigerian Breweries, brewers of Life Continental Lager and Goldberg Lager Beer, provided these platforms to empower small business owners and artisans in the country. Business Post reports that Nigerian Breweries, through these initiatives, has impacted nearly 1,000 businesses

Image
20-March-2017

Vetiva ETF Admitted on FMDQ Platform

By Modupe Gbadeyanka FMDQ OTC Securities Exchange has accepted the pioneer listing of an Exchange Traded Fund (ETF) on its platform. Last Monday, FMDQ listed the ETF of Vetiva S&P Nigerian Sovereign Bond validating the platform’s goal of bringing the Nigerian fixed income market operations under a single governance structure. This further created the opportunity for issuers and investors to tap into and utilise the mass benefits availed by the FMDQ in the Nigerian debt capital market, which is focused on transforming and aligning with global standards. In line with the tradition of FMDQ, the Fund Manager, Vetiva Fund Managers

Image
11-March-2021

ALML Unveils Online Booking Platform for Travellers

By Ahmed Rahma Aviation Logistics and Management Limited (ALML) has launched an online travel website, Tripplug.com, which offers travellers the convenience of booking online with a few clicks. Through Tripplug.com, the company provides flight booking, hotel reservations, travel packages, tours, airport transfers, protocol, airport-lounge access and more with guaranteed on-demand and real-time booking to passengers. Speaking during the launch of Tripplug.com in Lagos, Mr Temidayo Kazeem, vice president, asset management ALML said the company has built up longstanding strategic relationships with partners worldwide, which allows it to go the extra mile for travellers no matter their destinations. Mr Temidayo said

Image
06-August-2017

Lagos Unveils Plans to Tackle Flooding, Fix Potholes

By Dipo Olowookere Lagos State Government on Sunday unveiled its roadmap targeted at maintaining and rehabilitating roads across the state as well as comprehensive drainage maintenance and flood control programme between August and December 2017. Recently appointed Special Adviser to Governor Akinwunmi Ambode on Public Works and Drainages, Engr Temidayo Erinle, who reeled out the roadmap at a press briefing held at the Bagauda Kaltho Press Centre in Alausa, said in the coming days, the state government, through the Public Works Corporation, would carry out rehabilitation works on 43 major link roads across the state, while other major highways and

Image
17-March-2021

COVID-19 Third Wave, Vaccinations Suspension Further Depress Oil

By Adedapo Adesanya Oil prices fell for the third day in a row on Tuesday, leaving the international crude benchmark, Brent, falling by 39 cents or 0.57 per cent to $68.50 per barrel. Also, the price of the United States crude benchmark, the West Texas Intermediate (WTI), went down by 0.69 per cent or 45 cents to sell at $64.90 per barrel. The prices of the major oil thresholds were depressed yesterday by third wave of coronavirus infections in Europe and slowing vaccine rollouts in the region. Some major economies in Europe are headed towards a third wave of COVID-19

Image
21-February-2021

COVID-19: Kano Begins Home-Based Care Scheme

By Adedapo Adesanya The Kano State Government, through its COVID-19 taskforce technical committee, has introduced a home-based care program to reach people in remote areas as part of efforts to curtail the spread of the pandemic. This was made known in a statement from the state Primary Health Care Management Board and signed by its Information Officer, Mr Maikudi Marafa, on Saturday. According to the state Commissioner of Health, Dr Aminu Tsanyawa, who launched the program on Saturday, efforts have been made to curtail the second wave of the pandemic. The Commissioner stressed that health personnel had been trained and

Image
05-March-2021

NPHCDA Begins Vaccination of Health Workers

By Ahmed Rahma The Nigerian Primary Health Care Development Agency (NPHCDA) has started the vaccination of frontline health workers today. The agency kicked off the vaccination campaign on Friday after undergoing a final assessment by the National Agency for Food & Drug Administration Control (NAFDAC). “We have confirmation that they have concluded their final checks with positive results. “Nigeria can now go ahead and use the 3.924m doses of AstraZeneca vaccines,” NPHCDA stated. Speaking at the national flag-off ceremony for COVID-19 vaccination at the National Hospital, Abuja, the Chairman of the Presidential Task Force (PTF) on COVID-19 and the Secretary

Ad
Ad
Recent Stories
Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with

Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53

Image
05-March-2024

Naira Value Improves at Official Market, Deflates at Parallel Market

By Adedapo Adesanya The Naira appreciated further against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the FX market on Monday, March 5 by N14.06 or 0.9 per cent to trade at N1,534.19/$1 compared with last Friday’s value of N1,548.25/$1. The improvement in the value of the domestic currency happened as the forex market attempts to find stability after months of turbulence due to a shortfall in the supply of Dollars into the system. Yesterday, the value of forex trades depreciated by 39.7 per cent or $117.37 million to $178.63 million from the $296.00 million recorded

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and