Dangote cement, 20 others lift equities Market by 0.36%

The equities market of the Nigerian Stock Exchange (NSE) closed positive on Thursday with a gain of 0.36 per cent, owing to price appreciation in Dangote Cement and 20 other stocks.

The All Share Index (ASI) rose by 95.94 points or 0.36 per cent to 26,872.09 basis points. Accordingly, investors gained N46 billion in value as market capitalisation went up to N12.970 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Flour Mills of Nigeria, Stanbic IBTC Holdings, MTN Nigeria, Dangote Cement and Dangote Sugar Refinery.

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Capital market analysts are of the view that the equities market is expected to sustain gains in the near term although the sentiment still remains weak.

Analysts at United Capital Plc said that “Looking ahead, we still expect investors to position in value and dividend paying stocks, in expectation of making solid gains.”

Market breadth closed positive as 21 stocks posted gains while 12 stocks posted declines. Cornerstone Insurance recorded the highest price gain of 10 per cent, to close at 77 kobo, per share. Oando followed with a gain 9.89 per cent to close at N3.89, while Flour Mills up by 9.85 per cent to close at N17.85, per share.

Ikeja Hotel went up by 9.62 per cent to close at N1.14, while FCMB Group appreciated by 7.39 per cent, to close at N2.18, per share. On the other hand, Cement Company of Northern Nigeria (CCNN) led the losers’ chart by 10 per cent, to close at N18, per share. Jaiz Bank followed with a decline of eight per cent to close at 69 kobo, while  Lasaco Assurance went down by 7.41 per cent to close at 25 kobo, per share.

Unilever Nigeria lost 5.68 per cent to close at N17.45, while Unity Bank for Africa shed 1.94 per cent to close at N7.60, per share.

However, the total volume traded dropped by 10.5 per cent to 239.22 million shares, worth N2.28 billion, and trade in 3,585 deals. Transactions in the shares of FBN Holdings topped the activity chart with 74.03 million shares valued at N558.42 million. Transnational Corporation of Nigeria (Transcorp) followed with 19.19 million shares worth N19.57 million, while Zenith Bank  traded 18.31 million shares valued at N342.45 million.

Guaranty Trust Bank traded 17.23 million shares valued at N506.18 million, while UBA transacted 14.16 million shares worth N107.57 million.