Equities Market Up By N417bn Over Gains In 27 Stocks

Temitope Adebayo

The equities market of the Nigerian Exchange Limited (NGX) on Thursday extended its previous session appreciation with an overall market capitalisation value gain of N248 billion to close at N24.725 trillion.

The Nigerian stock market yesterday broadened its gaining streak to close 1.01 per cent higher on the back of gains in Dangote Cement and 26 other stocks.

Specifically, the All-Share Index (ASI) grew by 460.38 absolute points, representing an increase of 1.01 per cent to close at 45,890.52 points.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Nigerian Exchange Group (NGXGroup), Cadbury Nigeria, Northern Nigeria Flour Mills (NNFM) and United Capital.

Meanwhile, analysts at Afrinvest Limited said “In the final trading session, we anticipate mild profit-taking to dent the week’s bullish run.”

Market sentiment, as measured by market breadth, was positive as 27 stocks gained, relative to nine losers. NNFM recorded the highest price gain of 9.92 per cent to close at N7.20, per share. Learn Africa followed with a gain of 9.32 per cent to close at N1.29, while Cadbury Nigeria up by 7.95 per cent to close at N9.50, per share.

Linkage Assurance rose by 7.55 per cent to close at 57 kobo, while Jaiz Bank appreciated by 6.35 per cent to close at 67 kobo, per share. On the other hand, Dangote Sugar Refinery led the losers’ chart by 2.74 per cent, to close at N17.75, per share. Stanbic IBTC Holdings followed with a decline of 2.70 per cent, to close at N36.00, while Ardova lost 2.60 per cent to close at N13.10, per share.

FCMB Groups shed 1.67 per cent to close at N2.95, while Honeywell Flour Mills depreciated by 1.49 per cent to close at N3.30, per share.

The total volume of trades surged by 245.3 per cent to 873.492 million units, valued at N31.542 billion, and exchanged in 4,342 deals. Transactions in the shares of CWG Plc topped the activity chart with 517.576 million shares valued at N300.194 million. Dangote Cement followed with 102.917 million shares worth N28.780 billion, while FBN Holdings (FBNH) traded 54.041 million shares valued at N647.958 million.

Transnational Corporation of Nigeria (Transcorp) traded 34.103 million shares valued at N34.704 million, while Sovereign Trust Insurance transacted 20.985 million shares worth N4.887 million.