Stock Market Commences Week on Positive Note on Gains in Dangote Cement, 20 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday commenced the week with a positive performance driven by bargain hunting in Dangote Cement Plc and 20 others.

In summary, the NGX All-Share Index (ASI) grew by 41.40 basis points, representing an increase of 0.10 per cent to close at 42,394.71 basis points, while the overall market capitalisation value gained N22 billion to close at N22.129 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, GlaxoSmithKline Consumer Nigeria, Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and NEIMETH International Pharmaceuticals.

Market sentiment, as measured by market breadth, was positive as 21 stocks gained, relative to 11 losers. NEIMETH International Pharmaceuticals recorded the highest price gain of 9.82 per cent to close at N1.79, per share. UPDC followed with a gain 9.43 per cent to close at N1.16, while Royal Exchange up by 8.70 per cent to close at 75 kobo, per share.

Mutual Benefits Assurance rose by 7.69 per cent to close at 28 kobo, while Regency Alliance Insurance appreciated by 7.32 per cent to close at 44 kobo, per share. On the other hand, C & I Leasing led the losers’ chart by 8.70 per cent, to close at N4.20, per share. Consolidated Hallmark Insurance followed with a decline of 6.90 per cent to close at 54 kobo, while Wapic Insurance declined by 5.88 per cent to close at 48 kobo, per share.

Lasaco Assurance shed 5.45 per cent to close at N1.04, while Nigerian Aviation Handling Company (NAHCO) depreciated by 3.48 per cent to close at N3.33, per share.

However, the total volume of trades fell by 58.4 per cent to per cent to 142.172 million units, valued at N2.486 billion, and exchanged in 3,749 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 20.190 million shares valued at N244.717 million. GTCO followed with 10.575 million shares worth N270.907 million, while Sovereign Trust Insurance traded 10.106 million shares valued at N2.424 million.

Mutual Benefits Assurance traded 9.364 million shares valued at N2.595 million, while AIICO Insurance transacted 8.840 million shares worth N6.002 million.

Analysts at Afrinvest Limited said “We expect the improved investor sentiment to sustain bullish performance in the next trading session.”