Equities Market Gains N1.6trn On Investors Buy Interest In Dangote Cement, 16 Others
Theon Tuesday closed on a positive note as price appreciation in Dangote Cement Plc and 16 others pushed the overall market capitalization up by N1.6 trillion.
The sustained momentumthe local bourse was driven by Dangote Cement gained 10 percent to close at N651.80 per share.
This led to the cement manufacturing company’s market capitalisation crossing the N11 trillion mark on Tuesday.
The local bourse extended a positive performance as sustained interest in Dangote Cement gained 10 percent to close at N651.80 per share.
The NGX All-Share Index rose by 2,848.852.97 percent, to close at 98,616.97 basis points. Similarly, the overall market capitalisation value gained N1.6 trillion to close at N53.967 trillion.
On sectoral performance, NGX Industrial Goods appreciated by nine percent, NGX Oil & Gas gainedcent, and NGX Consumer Goods increased by 1.9 the NGX Insurance Index declined by cent and NGX by 2.7per cent.
Investor sentiment, as measured by market breadth closed negative as 17 stocks advanced while 58 declined. Seplat Energy and BUA Cement recorded the highest price gain of 10 percent each toat N2,795.10 and N163.35 Dangote Cement followed with a gain of 9.99 per cent to close at N651.80 per share.
Eterna appreciated by 9.92 percent to close at N27.70, while Meyer rose by 9.88 percent to close at N3.56, per share. On the other hand, DEAP Capital Management & Trust, Hohn Holt, May & Baker, Mutual Benefits Assurance, PZ Cussons Nigeria, Veritas Kapital Assurance and The Initiates Plc (TIP) led the losers’ chart by 10 percent each toat 81 kobo, N2.70, N7.38, 72 kobo, N31.50, 63 kobo and N2,52 respectively, per share.
Transnational Corporations (Transcorp) followed with a decline of 9.99 percent to close at N16.39, while Jaiz Bank shed 9.97 percent to close atper share.
Also, the totalincreased by 3.56 percent to 747.515 million units, valued at N16.276 billion, and exchanged in 16,589 deals. Transactions in shares of Transcorp topped the activity chart with 77.711 million shares valued at N1.292 billion. Sterling Financial Holdings Company followed with 72.311 million shares worth N485.730 United Bank for Africa (UBA) traded 52.700 million shares at N1.580 billion.
Access Holdings traded 47.166 million shares valued at N1.353 billion, while Zenith Bank transacted 32.027 million shares worth N1.344 billion.
On market performance, Coronation Asset Management said “we maintain that positive sentiment can be linked to the traditional January surge as well as investors positioning themselves ahead of results and dividends for 2023.”