FBN Holdings, Dangote Cement Lift Market by 1.89%

By Dipo Olowookere

The nation’s equity market appreciated on Wednesday by 1.89 per cent on the back of interest in the shares of FBN Holdings, Dangote Cement and others.

A total of 264.7 million units of the company’s shares worth N2.1 billion exchanged hands at the midweek trading session, closing as the most active equity at the Nigerian Exchange (NGX) Limited.

Universal Insurance traded 76.7 million stocks worth N15.3 million, Axa Mansard Insurance sold 13.1 million shares for N31.8 million, Zenith Bank traded 12.1 million equities valued at N283.3 million, while Fidelity Bank transacted 11.2 million stocks for N27.5 million.

At the close of transactions, according to data harvested by Business Post, a total of 474.4 million equities worth N4.0 billion were traded in 3,547 deals in contrast to the 526.3 million equities worth N3.1 billion transacted in 3,535 deals on Tuesday, indicating a decline in the trading volume by 9.87 per cent, a growth in the trading value by 31.57 per cent and an increase in the number of deals by 0.34 per cent.

Northern Nigerian Flour Mills (NNFM) was the best-performing stock as its share price rose by 6.88 per cent to N8.55, FBN Holdings gained 6.62 per cent to trade at N8.05, Dangote Cement rose by 6.53 per cent to N261.00, Nestle Nigeria appreciated by 6.36 per cent to N1489.00, while Courtville chalked up 6.06 per cent to settle at 35 kobo.

On the reverse side, Axa Mansard ended the session as the worst-performing stock after its value went down by 10.00 per cent to N2.43, Julius Berger also lost 10.00 per cent to trade at N24.30, Vanleer (Greif Nigeria) depreciated by 9.92 per cent to N5.45, Sovereign Trust Insurance fell by 8.33 per cent to 22 kobo, while Consolidated Hallmark Insurance lost 7.02 per cent to trade at 53 kobo.

At the market yesterday, the insurance and energy sectors lost 2.02 per cent and 0.20 per cent respectively, while the industrial goods, consumer goods and banking counters appreciated by 3.57 per cent, 3.13 per cent and 0.80 per cent respectively.

At 2:30 pm, when the closing gong was struck, the All-Share Index (ASI) increased by 733.30 points to 39,592.29 points from 38,858.99 points, while the market capitalisation went up by N382 billion to N20.628 trillion from N20.246 trillion.