NGX begins trading on bullish note, gains N673bn

By Motolani Oseni

The Nigerian equities market NGX, yesterday commenced this week trading on a bullish note with N673 billion gain buoyed by price increase in Dangote Cement Plc and 23 others.

Also, the market capitalisation of Dangote Cement hit N10 trillion at the close of trading yesterday, emerging as the first company to achieve that milestone on the Nigerian Exchange. It closed trading with a N10.098 trillion market Capitalisation.

The All Share Index (ASI) rose by 1,230 points, representing a gain of 1.30 per cent to close at 95,768.12 points. Also, market capitalisation appreciated by N673 billion to close at N52.408 trillion.

The uptrend was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Eterna, Unilever Nigeria, Custodian Investment and Fidson Healthcare.

United Capital Plc said: “in January 2024, we expect the Bulls to prevail, as bargain hunting continues as 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 this new week. Investors may continue to cherry-pick stocks with strong fundamentals, (value or growth).

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“However, value stocks may be choice for dividend scouting investors, ahead of FY-2023 earnings season. At different intervals, we 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 to close at N1.98, per share.

Dangote Cement followed with a gain of 9.99 per cent to close at N592.60, while Tripple 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 to close at 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 each to close at N26.10, N42.30, N1.62, 54 kobo 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 at N10.85, per share.
The total volume traded decreased by 4.92 per cent to 721.814 million units, valued at N14.408 billion, and exchanged in 15,757 deals.

Transactions in the shares 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.