Equity Market Rises N215bn as DANGCEM, OANDO Rally

The equity market rises more than N215 billion on Thursday as the Nigerian Exchange records an increased demand for Dangote Cement, OANDO Plc shares following a slowdown recorded at the local bourse yesterday.

Bargain hunting reversed the previous trading session bearish sentiment as the market indicators spiked by 0.85% due to price appreciation in DANGCEM, OANDO, FLOURMILL and 20 other stocks.

Consequently, the Nigerian All-Share Index inched higher by 399.14 basis points, representing an increase of 0.85 per cent to close at 47,329.80 points. Stock market capitalisation expanded by ₦215.08 billion to close at ₦25.50 trillion.

Despite the buying interest, the market activities closed on a bearish note as the total volume and value dipped by 20.29 per cent and 38.75 per cent, respectively.

Approximately 346.70 million units valued at ₦3.83 billion were transacted in 4,952 deals, according to a note from Atlass Portfolios Limited. FIDELTYBK led as the most traded stock in terms of volume, accounting for 16.13 per cent of the total volume of trades.

The bank stock was followed closely by FBNH (8.06%), GTCO (6.14%), TRANSCORP (5.90%) and OANDO (5.30%) to complete the top five on the volume chart. Meanwhile, GTOC emerged as the most traded stock in value terms, with 15.26 per cent of the total value of trades on the exchange.

On the profitability chart, OANDO led the advancers’ chart with a maximum price appreciation of 10.00 per cent, lifting the NGX Oil and Gas segment performance.

This was followed by DANGCEM with a share appreciation of 5.45%, CUTIX gained 3.00%, UBN rose 1.68%, FLOURMILL inched up 1.55%, UCAP increased 0.45%, FIDELTYBK grew 0.35%, WAPCO gained 0.19% and fifteen (15) others see price appreciations.

On the flip side, nineteen (19) stocks depreciated, led by PHARMDEKO with a price depreciation of 10.00 per cent to close at ₦0.1.98.

STANBIC dropped 2.10%, NGXGROUP shed 1.62%, HONYFLOUR declined 1.47%, ZENITH BANK fell 1.32%, GTCO slipped 0.90%, ETI lost 0.82% and FBNH was down 0.44%. As a result of today’s trading pattern, the Nigerian stock market breadth closed positive, recording 23 gainers and 19 losers, data from NGX shows.

The sectorial performance was positive as three of the five sectors closed positive as against the previous session, amongst which are Industrial Goods (2.68%), Oil & Gas (1.43%) and Insurance (0.19%).

Whereas, the Banking and Consumer Goods sectors dipped by 0.51% and 0.18%, respectively. Some stockbrokers see the equity market rising further amidst earnings releases by corporates. #Equity Market Rises N215bn as DANGCEM, OANDO Rally