Stocks Gain N248 bln as NGX Index Breaks 45,000 Points
After a record gain of N248 billion on Thursday, the Nigerian Exchange (NGX) All-share index breaks out 45,000 points, a resistance level, following strong rallies seen in the week as market capitalisation inches near N25 trillion.
Equity investors at the local bourse continue to drive momentum by taking heavy, fast and rapid positioning in dividend-paying stocks. The trend, is, however, readjusting market ranking by capitalisation after Airtel Africa dislodge competitor MTN Nigeria as second-largest by valuation.
Market data shows that after opening negative on Monday, the stock market has sustained dominance to three successive sessions as key indicators rose significantly by 1.01 per cent. Today’s positive sentiment was impacted by the price appreciation in the largest listed company share Dangote Cement (Ticker: DANGCEM) and other 26 other bellwethers.
Consequently, the Nigerian Exchange All-Share Index inched higher by 460.38 basis points, representing an uptick of 1.01 per cent to close at 45,890.52 points. Thus, equity market capitalisation gained ₦248.04 billion on Thursday to close at ₦24.72 trillion, according to data from the Nigerian Exchange.
Market trading activities were broadly positive as the total volume and value traded climbed by 245.33 per cent and 254.66 per cent, respectively, according to a note by Atlass Portfolios Limited.
A total sum of 873.49 million units valued at ₦31.65 billion was transacted in 4,342 deals. Following its tranche-II share buy-back, DANGCEM led the most traded stock in terms of volume, accounting for 28.92 per cent of the total volume of trades.
The cement company stock was followed closely by FBNH (15.18%), TRANSCORP (9.58%), SOVRENINS (5.90%) and FIDELITYBK (3.25%) to complete the top five on the volume chart.
Today market data shows that DANGCEM emerged as the most traded stock in value terms, with 92.12 per cent of the total value of trades on the exchange. NNFM topped the gainers’ chart with a price appreciation of 9.92 per cent. The stock was trailed by NGXGROUP with a share price increase of 6.30%, DANGCEM rises 5.52%, NEIMETH heat up 2.67%, UCAP gained 2.26%.
Also, INTBREW sees 1.01% share price jump, AFRIPRUD appreciates by 0.77%, UBA rises 0.61%, ACCESS Bank share price was boosted 0.51%, VITAFOAM inches up 0.24%, GTCO share price was raised 0.20%, and ZENITH BANK sees an increment of 0.19% and fifteen (15) others.
Overall, nine (9) stocks plunged in price, led by DANGSUGAR with a price depreciation of 2.74 per cent to close at ₦17.75. STANBIC market cap dropped by 2.70%, ARDOVA sheds 2.60%, HONYFLOUR declined 1.49%, and WAPCO fell 0.39%.
As a result, the market breadth closed positive, recording 27 gainers and 9 losers. NGX sector performance was relatively positive as the three of the five sectors led by Industrial Goods (2.72%), Insurance (0.52%) and Banking (0.36%) grew as against the previous session.
Meanwhile, the Consumer Goods and Oil & Gas sectors shed 0.17% and 0.09%. <Stocks Gain N248 bln as NGX Index Breaks 45,000 Points>. Read: Naira Breaks Value as Foreign Reserves Tumble Again
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