Dangote Cement, 23 Others Drive N673bn Growth In Market Cap
The Nigerian equities market on Monday commenced the new week trading on a positive note with a N673 billionbuoyed by a price increase in Dangote Cement Plc and 23 others.
Also,hit N10 trillion at the close of trading on the first company to achieve that milestone on the Nigerian Exchange. It closed trading with a N10.098 trillion market capitalisation.
The stock price of the cement manufacturing company,increased by 9.99 percent or N53.80 per share to close at N592.60 per share yesterday from N538.80 per share when the stock opened for trading.
So far in 2024,has appreciated by 85.25 percent or N272.70 per share (YtD) growth from N319.9 per closed for trading in 2023.
This meansincreased from N5.45 trillion it closed in 2023 to N10.098 trillion as of January into N4.65 trillion investors gain this year.
Meanwhile, the All Share Index (ASI) rose by 1,230 points, representing ato close at 95,768.12 points. Also, market capitalisation by N673 billion to close at N52.408 trillion.
United Capital Plc said “In January 2024, we expect theto prevail, as bargain hunting continues the order of the day. Given the global developments across major central banks in advanced economies, high base expectations for inflation, and improved economic growth prospects, we expect the local bourse to record a positive performance Investors may continue to cherry-pick stocks with strong fundamentals (value or growth).
“However, value stocks may be a choice for dividend scouting investors, aheadearnings season. expect mild selloffs, albeit insignificant.”
As measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 47 losers. SUNU Assurance recorded the highest price gain of 10 per cent toat N1.98, per share. Dangote Cement followed with a gain of 9.99 per cent to close at N592.60, while Gee & Company rose by 9.81 per cent to close at N2.35, per share.
Eterna rose by 9.80 per cent to close at N25.20, while Meyer and Cutix appreciated by 8.89 per cent toat N2.94, per share. On the other hand, Cadbury Nigeria, Flour Mills of Nigeria, McNichols, Sovereign Trust Insurance, and University Press led the losers’ chart by 10 per cent at N26.10, N42.30, N1.62, 54 and N3.60 respectively, per share.
Jaiz Bank followed with a decline of 9.86 per cent to close at N3.11, while Wema Bank lost 9.58 per cent to close atper share.
The total volume traded decreased by 4.92 per cent to 721.814 million units,at N14.408 billion, and exchanged in 15,757 deals. Transactions of Transnational Corporation (Transcorp) topped the activity chart with 66.521 million shares valued at N1.232 billion. Veritas Kapital Assurance followed with 47.004 million shares worth N34.906 million, while Access Holdings traded 40.010 million shares valued at N1.171 billion.
Universal Insurance traded 38.876 million shares valued at N19.198 million, while Japaul Gold & Ventures sold 32.824 million shares worth N84.643 million.