Market Rises 1.30% as Dangote Cement, Others Finish on Gainers’ Chart

By Dipo Olowookere

A further rise of 1.30 per cent was recorded by the Nigerian Exchange (NGX) Limited on Monday on the back of persistent buying pressure, particularly in the industrial goods space.

The sector finished higher by 5.15 per cent due to the strong appetite for cement stocks, especially Dangote Cement, while the energy counter improved by 0.55 per cent as a result of demand for Eterna shares.

Business Post reports that the financial services landscape witnessed profit-taking, with the insurance index losing 2.53 per cent, and the banking counter depreciating by 0.90 per cent. The consumer goods sector went down yesterday by 1.48 per cent, but the trio could not bring down Customs Street at the close of transactions.

This was because of the strong impact of the industrial goods sector, resulting in the All-Share Index (ASI) closing higher by 1,230.00 points to 95,768.12 points from 94,538.12 points.

In the same vein, the market capitalisation appreciated on the first trading day of the week by N673 billion to N52.408 trillion from N51.735 trillion, with Dangote Cement accounting for over N10 trillion.

Sunu Assurances topped the gainers’ chart on Monday after it gained 10.00 per cent to trade at N1.98, Dangote Cement expanded by 9.99 per cent to N592.60, Tripple Gee rose by 9.81 per cent to N2.35, Eterna surged by 9.80 per cent to N25.20, and Cutix grew by 8.89 per cent to N2.94.

On the other side of the coin, the quintet of University Press, McNichols, Cadbury Nigeria, Sovereign Trust Insurance, and Flour Mills declined by 10.00 per cent each to settle at N3.60, N1.62, N26.10, 54 Kobo, and N42.30, respectively.

A total of 721.8 million equities valued at N14.4 billion were traded in 15,757 deals yesterday compared with the 844.5 million equities worth N15.1 billion in 15,255 deals last Friday, implying a rise in the number of deals by 3.29 per cent, and a decline in the trading volume and value by 14.53 per cent and 4.64 per cent apiece.

Finishing on top of the activity chart at the close of business was Transcorp with 66.5 million shares sold for N1.2 billion, Veritas Kapital traded 47.0 million equities worth N34.9 million, Access Holdings transacted 40.0 million equities valued at N1.2 billion, Universal Insurance exchanged 38.9 million stocks for N19.2 million, and Japaul sold 32.8 million equities worth N84.6 million.