Stock Market Rebound, Gains N391bn on Investors Renewed Interest In Dangote Cement

Kayode Tokede

In contrast to the past two-day trading sessions investors were taking profit, the stock market of the Nigerian Exchange Limited (NNGX) was positive after gaining N391billionn yesterday aimed renewed interest in top cement player— Dangote Cement Plc that added 10 per cent in stock price.

In summary, the overall market capitalisation value gained N391 billion to close at N27.009 trillion from N26.618 trillion it opened for trading, while the NGX All-Share Index (ASI) grew by 724.76 basis points, representing a rise of 1.47 per cent, to close at 50,075.47 basis points from 49,350.71 basis points

Market breadth, which is measure by market sentiment was positive, as 20 stocks gained relative to 10 losers. Dangote Cement recorded the highest price gain of 9.96 per cent to close at N265.00, per share. NEM Insurance followed with a gain 9.89 per cent to close at N4.11, while Ellah Lakes rose by 9.41 per cent to close at N4.30, per share.

Japaul Gold and Ventures went up by 8.82 per cent to close at 37 kobo, while May & Baker Nigeria appreciated by 8.68 per cent to close at N3.88, per share.

On the other hand, Lafarge Africa led the losers’ chart by 8.84 per cent to close at N23.20, per share. Nigerian Aviation Handling Company followed with a decline of 8.62 per cent to close at N5.30, while Honeywell Flour Mills went down by 6.41 per cent to close at N2.63, per share.

UAC of Nigeria (UACN) lost 5.36 per cent to close at N10.60, while AIICO Insurance shed 5.26 per cent to close at 54 kobo, per share.

Also, the total volume traded rose by 98.58 per cent to 279.221 million units, valued at N2.082 billion, and exchanged in 3,576 deals.

Transactions in the shares of Jaiz Bank topped the activity chart with 115.128 million shares valued at N100.141 million. FBN Holdings (FBNH) followed with 39.956 million shares worth N431.498 million, while United Bank for Africa (UBA) traded 14.661 million shares valued at N104.318 million.

AIICO Insurance traded 13.914 million shares valued at N7.675 million, while Japaul Gold and Ventures transacted 13.259 million shares worth N4.906 million.

Analysts at GTI Securities Limited said “the domestic market closes the day positive, as investors react to the profitability reports of listed companies. We expect mixed sentiments to continue, as more companies release their Q2 results.”