Dangote Cement, Others Lift Equity Market by 1.62%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited bounced back into the positive region on Thursday after staying in the danger zone for two straight trading sessions as a result of profit-taking.

At the market yesterday, investors were more relaxed as they cherry-picked some equities with sound fundamentals, especially Dangote Cement, MTN Nigeria, GTCO, and others.

This led to an increase in the activity level as the trading volume rose by 51.77 per cent to 361.2 million units from 238.0 million units, the trading value increased by 119.23 per cent to N5.7 billion from N2.6 billion, while the number of deals decreased by 7.83 per cent to 5,531 deals from 6,001 deals.

FBN Holdings was the toast of investors during the session as it led the activity chart by trading 140.2 million stocks valued at N2.6 billion. Fidelity Bank transacted 21.6 million equities valued at N165.2 million, Universal Insurance exchanged 18.7 million stocks for N4.2 million, Transcorp traded 17.3 million shares worth N62.6 million, and UBA sold 13.1 million shares for N189.0 million.

Business Post reports that apart from the consumer goods, which lost 0.55 per cent, and the energy index, which closed flat, every other sector ended bullish.

The industrial goods space was the major driver of the upward trajectory witnessed on Thursday as it grew by 4.80 per cent, the insurance counter appreciated by 0.60 per cent, and the banking sector went up by 0.19 per cent.

As a result, the All-Share Index (ASI) trended upward by 1,037.43 points to 65,204.82 points from 64,167.39 points, while the market capitalisation expanded by N565 billion to N35.484 trillion from N34.919 trillion.

Investor sentiment was bullish yesterday after the NGX finished with 23 price gainers and 17 price losers, implying a positive market breadth index.

Chellarams gained 10.00 per cent to trade at N4.40, SCOA Nigeria improved by 9.35 per cent to N1.17, Dangote Cement appreciated by 9.34 per cent to N349.90, Thomas Wyatt increased by 9.32 per cent to N1.29, and Cornerstone soared by 9.09 per cent to N1.08.

On the flip side, CAP declined by 10.00 per cent to N19.80, Academy Press fell by 9.36 per cent to N2.13, Dangote Sugar depreciated by 6.63 per cent to N32.40, GlaxoSmithKline contracted by 6.60 per cent to N9.20, and Chams shed 5.05 per cent to 94 Kobo.