Dangote Cement Lifts Market as Stocks Gain N175bn

• Dangote Cement Lifts Market as Stocks Gain N175bn

The country’s equities market appreciated on Thursday as the Nigerian Stock Exchange market capitalisation soared by N175bn after a 4.74 per cent gain in Dangote Cement Plc sustained the market’s place on the green zone.

Equities capitalisation appreciated to N12.448tn from N12.273tn as the All-Share Index closed at 36,116.19 basis points from 35,609.07 basis points.

A total of 222.691 million shares valued at N4.168bn exchanged hands in 4,622 deals. The market recorded 19 gainers and 22 losers.

Overall, the Nigerian bourse advanced by 1.42 per cent, settling the year-to-date return at 34.37 per cent at the end of the day’s trading. However, volume of transactions and market turnover recorded declines of 20.99 per cent and 23.14 per cent, respectively relative to the previous trading day.

Guinness Nigeria Plc topped the gainers’ chart for the second day in a row as the ticker advanced by 10.23 per cent to close at N96.33. This was followed by Dangote Cement, Stanbic IBTC Holdings Plc, Aiico Insurance Plc and Africa Prudential Plc, which appreciated respectively by 4.73 per cent, 3.88 per cent, 3.64 per cent and 3.57 per cent.

However, Seplat Petroleum Development Company Plc, which declined by five per cent, topped the loser’s chart to close at N457.90. Other stocks featured on the losers’ list were: NCR (Nigeria) Plc, May & Baker Nigeria Plc, Skye Bank Plc and FBN Holdings Plc, which declined by 4.91 per cent, 4.76 per cent, 4.76 per cent and 4.32 per cent, accordingly.

Commenting on the outcome of the market, the analysts at Meristem Securities, in a note, said, “We attribute the market’s performance to the significant price appreciation recorded on Dangote Cement as the market would have recorded an advancement of only 0.09 per cent ex-Dangote Cement.

“Although we note that the renewed positive investor sentiments are in line with current economic conditions, we do not rule out profit-taking on stocks which have recorded huge gains. We however expect the market to close up week-on-week.”