NGX Gains N536bn As Investors Reposition In Dangote Cement, 44 Others


The Nigerian equities market on Monday commenced the week on a positive note with a gain of N536 billion as investors repositioned by buy Dangote Cement Plc and 44 others.

The All-Share Index (ASI) gained 975.13 basis points or 1.45 per cent to close at 68,111.71 basis points. Also, market capitalisation rose by N536 billion to close at N37.421 trillion.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Geregu Power, Stanbic IBTC Holdings, Nigerian Aviation Handling Company (NAHCO) and Nigerian Breweries.

This week, analysts at United Capital Plc said, “we expect mixed investors’ sentiments in the equities market to persist as corporates continue to release earnings.”

As measured by market breadth, market sentiment was positive, as 45 stocks gained relative to 16 losers. Northern Nigeria Flour Mills (NNFM) emerged the highest price gainer of 10 per cent to close at N18.15, per share. Chellaram followed with a gain of 9.77 per cent to close at NN3.82, while UAC of Nigeria (UACN) advanced by 9.54 per cent to close at N14.35, per share.

NAHCO increased by 9.45 per cent to close at N26.05, while The Initiates Plc (TIP) added 9.43 per cent to close at N1.16.

On the other side, Meyer Plc led others on the losers’ chart with 9.87 per cent to close at N2.74, per share.

Abbey Morgage Bank followed with a decline of 9.71 per cent to close at N1.86, while Regency Alliance Insurance shed 8.33 per cent to close at 33 kobo, per share.

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R.T. Briscoe Nigeria lost 6.00 per cent to close at 47 kobo, while Jaiz Bank depreciated by 5.95 per cent to close at N1.58, per share.

The total volume of trades increased by 89.55 per cent to 430.393 million units, valued at N8.258 billion, and exchanged in 7,656 deals. Transactions in the shares of Universal Insurance led the activity with 94.753 million shares worth N23.105 million. United Bank for Africa (UBA) followed with account of 51.263 million shares valued at N1.003 billion, while Custodian Investment traded 33.245 million shares valued at N242.014 million.

Transnational Corporation (Transcorp) traded 32.477 million shares worth N200.850 million, while Zenith Bank traded 24.421 million shares worth N818.460 million.

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