Last Minute Rally in Dangote Cement Lifts Stock Market by 0.59%

Image

By Modupe Gbadeyanka

Last minute rally in Dangote Cement on Thursday pushed back the Nigerian Stock Exchange (NSE) to winning ways again.

Investors have had to endure three consecutive bearish sessions at the market, which dropped the All-Share Index (ASI) below the 37,000 mark during the period, and the market capitalisation below N13 trillion.

Though both market indicators still remained within respective ranges, the ASI rose by 0.59 percent or 214.20 points to settle at 36,316.58 points, while the market capitalisation increased by N74 billion to close at N12.52 trillion.

Dangote Cement led the gainers’ chart today after progressing by N5.80k to close at N219.80k per share.

It was trailed by Flour Mills of Nigeria, which advanced by N1.36k to finish at N28.89k per share, and Total Plc, which expanded by N1.11k to settle at N228.11k per share.

In addition, Zenith Bank rose by 51k to close at N23.1k per share, while Dangote Sugar, which commenced payment of dividend to its shareholders today, added 20k to its share price to end at N13 per share.

Conversely, Mobil emerged the heaviest loser with N11.84k loss to close at N225.6k per share, while Nestle followed with a fall of N10 to end at N1,210 per share.

Furthermore, Guinness lost N2.96k to close at N85 per share, Nigerian Breweries fell by N1 to close at N184 per share, and Lafarge declined by 50k to settle at N58.50k per share.

Business Post reports that the volume and value of shares transacted today finish slightly higher with investors trading a total of 225 million shares worth N5.5 billion executed in 5,110 deals.

This was in contrast to 224.8 million shares transacted yesterday in 4,822 deals valued at N5.1 billion.

A breakdown of volume of equities traded on the floor of the NSE on Thursday revealed that Custodian and Allied transacted 30.3 million shares valued at N115.1 million.

Zenith Bank exchanged 26 million shares worth N597.4 million, while GTBank sold 24.7 million shares at N924.8 million.

Also, FBN Holdings traded 14.6 million shares worth N87 million, and FCMB exchanged 14 million shares worth N15.7 million.

Share
Related Stories
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
03-March-2024

Alake Lures Qatari Investors With Nigeria’s Lithium Reserves

By Adedapo Adesanya Nigeria has called on Qatari investors to tap into the country’s Lithium, with comprehensive data on its reserves, available at the Nigerian Geological Survey Agency, according to the Minister of Solid Minerals Development, Mr Dele Alake. The Minister disclosed this in Doha, Qatar, on Saturday, at a meeting with Qatari businessmen on the sidelines of the visit of President Bola Tinubu to the Arab country. He is part of the delegation that accompanied President Tinubu on the visit to Doha, Qatar to strengthen cooperation between the nations in several sectors, including economic development. In a statement by

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

More Stories
Image
01-November-2018

Manufacturing PMI Expands 19th Consecutive Month in October to 56.8%

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Wednesday said the Manufacturing Purchasing Managers’ Index (PMI) increased for the nineteenth consecutive month in October 2018 to 56.8 index points. According to a report released by the apex bank, the index grew at a faster rate when compared with the index in the previous month. It said of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; petroleum & coal products; printing & related support activities; cement; chemical & pharmaceutical products; textile, apparel, leather & footwear; furniture & related products; transportation

Image
27-September-2016

Shell Shuts Trans Niger Pipeline In Rivers

By Modupe Gbadeyanka Oil giant, Shell Petroleum Development Company (SPDC) of Nigeria Limited, has shut down the Trans Niger Pipeline in Rivers State. This action, according to the company, was taken because of a fire observed on the right of way of the pipeline (TNP) in Ogoni land. A statement issued in Port Harcourt on Tuesday by SPDC spokesman, Mr Joe Obari, noted that a joint investigation visit would determine the cause and impact of the fire. Mr Obari disclosed that the incident occurred in Gio, Tai Local Government Area of Rivers State. “SPDC has shut the TNP as a

Image
18-July-2018

FG Unveils Initiative to Revive Agro-allied Industry in Kano

By Dipo Olowookere A programme aimed at reviving agro-allied industries and also agricultural productions in Kano State, the Nigerian Agri-business and Agro Industry Development Initiative (NAADI), has been launched by federal government. This was done on Monday by the Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar and it is part of government’s efforts to accelerate the growth and diversification of the Nigerian economy. Mrs Abubakar, represented at the commissioning by the ministry’s Permanent Secretary, Edet Sunday Akpan, explained that the programme is intended to harness the enormous potentials inherent in the non-oil sector of the Nigerian

Image
15-March-2017

N-Power Beneficiaries Get Additional N4500 Monthly

By Modupe Gbadeyanka Mr Laolu Akande, the Senior Special Assistant on Media & Publicity to the Vice President, Mr yemi Osinbajo, has disclosed that at the last count, about 149,669 Nigerian graduates of the 200,000 engaged by the Federal Government under the N-Power Volunteer Corps are now collecting their monthly stipends of N30,000 monthly having been physically verified and deployed across the 36 states and FCT. Mr Akande, in a statement issued yesterday in Abuja, noted that the government has also approved an additional N4500/monthly to all the 200,000 N-Power beneficiaries to purchase an electronic Tablet which would be loaded

Image
16-January-2017

Tobacco Regulation, NGOs and Human Rights Issues

By Nojeem Adetuberu There is an urgent need to examine the activities of certain Non-Governmental Organisations (NGOs), considering the abundant declarations they make and the demands placed on corporate organisations and the government recently. These NGOs claim to thrive on protecting human rights but in actual sense the rights of every individual is not represented in their drive for relevance. Notably, their drive for safer environments in Nigeria is lopsided. Rather than striving to ensure the rights of all individuals, civil society organizations, often, promote their own interest, misinform the Nigerian populace and gratuitously lobby for the enactment of unenforceable

Image
28-September-2018

Canon Trains Nigerian Teenagers to Celebrate UN SDGs

By Dipo Olowookere Leading provider of imaging technologies and services, Canon, has marked the anniversary of the United Nation’s Sustainable Development Goals along with thousands of individuals, organisations, and institutions across the globe. In 2015 world leaders adopted the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs) which aim to serve as a blueprint to achieve a better and more sustainable future for all. Canon marked the anniversary of those SDGs by celebrating Global Day to #Act4SDGs on September 25 with a special event in Nigeria in collaboration with Slum Art, a charity organisation with a

Image
10-December-2022

Nigerian Naira Declines on Fresh FX Liquidity Crisis

By Adedapo Adesanya The Nigerian Naira further depreciated against the United States Dollar in the foreign exchange (forex) market on Friday amid renewed FX liquidity crisis. The local currency was under pressure in the black market, Peer-to-Peer (P2P), and the Investors and Exporters (I&E) segments of the market. In the parallel market, the Naira fell by N3 against the greenback to sell for N743/$1 compared with the previous day’s rate of N740/$1. In the same vein, the domestic currency crashed by N10 against the Dollar in the P2P forex window to settle at N771/$1 as against the previous day’s rate

Image
03-November-2021

Medical Experts Recommend Mouka Pillows for Proper Spine Alignment

By Aduragbemi Omiyale For proper spine alignment to prevent aches and pains, which can be detrimental to health, medical experts have recommended the use of Mouka’s range of quality pillows and should be replaced for healthy sleep at least every 1-2 years. One of them, Dr Nnenna Chigbo, president of the Nigeria Society of Physiotherapy (NSP), submitted that quality pillows play an essential role in maintaining spine alignment during sleep to prevent neck pain and stiffness, thereby relieving pressure and counterbalancing the joints in the body. In addition, she said specific cells that help fight infection in the body increase

Ad
Ad
Recent Stories
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

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

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