All-Share Index Rises Further as Market Sustains Upward Trend

The Nigerian equities market sustained its positive performance for the second day yesterday as the Nigerian Stock Exchange All-Share Index (NSE ASI) appreciated by 0.55 per cent to close at 35,660.044. The market rebounded on Wednesday after days of bearish trend following investors’ nega- tive sentiments. The positive trend was extended yesterday, boosted by Dangote Cement Plc. Although 22 stocks declined in value and 18 appreciated, the gain posted by Dangote Cement Plc made the market to remain in the bulls’ territory. While the market capitalisation added N70 billion to close higher at N12.22 trillion, Dangote Cement accounted for N40 billion. The stock appreciated by 2.4 per cent to close at N213.99 per share.

The leading cement manufacturing firm had on Wednesday confirmed that it had made moves to acquire the entire share capital of PPC Limited, which is South Africa’s leading cement firm.

In a notification to the NSE, the board of directors of Dangote Cement disclosed it had communicated its interest to acquire the entire share capital of PPC to the board of directors of the South Africa’s firm.

But the Dangote Cement explained that the acquisition talks are still at the preliminary stage and the transaction remains a potential transaction, promising to publish further details.

Meanwhile, Okomu Oil Palm Plc led the price gainers with 5.7 per cent, trailed by Jaiz Bank Plc with 4.4 per cent. C&I Leasing Plc chalked up 4.3 per cent, while Newrest ASL Nigeria Plc and Sterling Bank Plc followed with 4.0 per cent apiece. NEM Insurance Plc went up by 3.5 per cent, just as NPF Microfinance Bank Plc garnered 3.5 per cent.

Conversely, Neimeth International Pharmaceuticals Plc led the price losers with 8.4 per cent. Conoil Plc and Unilever Nigeria Plc trailed by 5.0 per cent each, while Oando Plc and First Aluminium Plc 4.9 per cent and 3.7 per cent respectively.

Market turnover stood at 128.31 million shares worth N2.72 billion exchanged in 3,241 deals. In terms of sectoral performance, the NSE Industrial Goods Index led with 1.1 per cent followed by NSE Insurance Plc, rising by 0.4 per cent. The NSE Consumer Goods Index rose by 0.2 per cent.