Dangote Cement Others Propel Equities Market Above 100,000 Basis Points

Investors sustained bargain hunting in Dangote Cement Plc has propelled the Nigerian Exchange NGX All-Share Index (NGX ASI) above 100,000 basis point, to set another record.

The NGX All-Share Index rose by 2,954.14 basis points or nearly three percent, to close at 101,571.11 basis points. Similarly, the overall market capitalisation value gained N1.62 trillion to close at N55.584 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; Dangote Cement, BUA Cement, BUA Foods, NASCON Allied Industries, and Flour Mills of Nigeria.

Investor sentiment, as measured by market breadth closed positive as 35 stocks gained, while 32 lost. Wapic Insurance recorded the highest price gain of 10 per cent to close at 88 kobo, per share. BUA Cement followed with a gain of 9.98 per cent to close at N179.65, while Japaul Gold & Ventures rose by 9.91 per cent to close at N2.55, per share.

University Press appreciated by 9.82 per cent to close at N3.69, while Tripple Gee & Company rose by 9.69 per cent to close at N2.83, per share. On the other hand, NEM Insurance led the losers’ chart by 10 per cent to close at N7.20, per share.

Cadbury Nigeria followed with a decline of 9.96 per cent to close at N23.50, while The Initiates Plc (TIP) declined by 9.92 per cent to close at N2.27, per share. May & Baker Nigeria shed 9.89 per cent to close at N6.65, while McNichols lost 9.88 per cent to close at N1.46, per share.

However, the total volume of trade decreased by 34.65 per cent to 488.491 million units, valued at N8.037 billion, and exchanged in 12,080 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 95.109 million shares valued at N1.588 billion. Universal Insurance followed with 45.629 million shares worth N18.601 million, while Unity Bank traded 27.343 million shares valued at N74.120 million.

Jaiz Bank traded 26.962 million shares valued at N76.917 million, while Japaul Gold & Ventures transacted 25.324 million shares worth N64.312 million.