Dangote Cement, MTN Fortify NSE’s ‘Immunity’ by 2.32%

By Dipo Olowookere

Though COVID-19 is dealing with the immunity of humans across the globe, Dangote Cement, MTN Nigeria and other stocks are further fortifing the market. This they did on Tuesday by 2.32 percent.

Shares of the two companies were among the 29 that increased yesterday, overpowering the 12 price losers of the session.

Three of the major five sectors of the market ended in green, with the banking counter recording the highest rise, gaining 4.53 percent. The consumer goods index increased by 2.17 percent, while the energy counter rose by 1.34 percent. However, the insurance sector fell by 0.26 percent, while the industrial goods index depreciated by 0.14 percent.

Business Post reports that the All-Share Index (ASI) increased on Tuesday by 495.92 points to 21,879.95 points from 21,384.03 points. Also, the market capitalisation gained N259 billion to settle at N11.403 trillion in contrast to the previous value, N11.144 trillion.

The activity level was mixed yesterday as the volume of transactions increased by 77.14 percent to 557.8 million from 314.9 million. However, the value of transactions reduced by 47.85 percent to N2.6 billion from N5.0 billion. The number of deals executed during the session also dropped 2.16 percent to 5,310 deals from 5,427 deals.

Omoluabi Mortgage Bank was the most active stock on Tuesday, trading 293.0 million units worth N161.2 million, while FBN Holdings exchanged 51.8 million equities valued at N243.5 million.

UBA traded 35.7 million units for N220.5 million, Zenith Bank sold 35.6 million shares valued at N505.5 million, while Fidelity Bank transacted 26.0 million stocks worth N53.5 million.

Dangote Cement was the highest price gainer yesterday, adding N4 to its share price to sell at N121 per unit, while MTN Nigeria, which trailed, gained N3 to trade at N98 per share.

Stanbic IBTC rose by N2.50 to settle at N28.50 per share, Nigerian Breweries gained N2.20 to trade at N24.40 per share, while GTBank gained N1.60 to quote at N20.45 per unit.

Conversely, PZ Cussons was the highest price loser yesterday as its share price went down by 40 kobo to N4 per unit.

BUA Cement also depreciated by 40 kobo to N30.40 per share, Julius Berger declined by 30 kobo to N22.50 per share, Lafarge Africa drowned by 25 kobo to sell at N12.40 per unit, while Red Star Express lost 17 kobo to trade at N2.73 per share.