NGX Benchmark Index Crosses Historic 90,000 Basis Points

The stock market section of the Nigerian Exchange Limited (NGX) yesterday crossed the historic 90, 000 basis points as investors continued to take position in fundamental stocks on the bourse.

Specifically, the All-Share Index (ASI) gained 2,092.15 basis points or 2.38 per cent to close at 90,063.25 basis points from 87,971.10 basis points it opened for trading, to bring the Year-till-Date performance to 20.45per cent.

Also, market capitalisation rose by N1.14 trillion or 2.38per cent to close at N48.284 trillion from N48.139 trillion the stock market opened for trading.

Investors sustained buy interests in Dangote Cement Plc, BUA Cement Plc and Geregu Power Plc impacted in the stock market performance, outweighing selloffs in Zenith Bank Plc, Guaranty Trust Holding Company and Dangote Sugar Refinery Plc.

Dangote Cement gained 9.86per cent or N40.60 to close at N452.50 per share from N411.90, while BUA Cement increased by 9.99 per cent or N11.25 per share to close at N123.90 per share from N112.65 per share.

Performance across sectors was largely positive, as the NGX Industrial Goods Index increased by 8.8per cent, NGX Insurance Index rose by 3.6per cent, NGX Consumer Goods Index gained 1.9per cent and NGX Oil & Gas Index appreciated by 0.5per cent.

Meanwhile, the NGX Banking Index was down by 3.3 per cent, the sole loser of the day.

As measured by market breadth, stock market sentiment was positive, as stocks 48 gained relative to 35 losers.

AIICO Insurance Plc, SUNA Assurance Plc, Honeywell Flour Mills Plc, and Wema Bank Plc emerged the highest price gainer of 10 per cent each to close at N1.54, N1.76, N71.50, N4.84, and N11.60 per share, respectively.

BUA Cement gained 9.99 per share to close at N123.90 as May & Bakers appreciated by 9.98 per cent to close at N6.82 per share. In addition, Transcorp rose by 9.97 per cent to close at N17.54 per share as International Breweries Plc gained 9.95 per cent to close at N6.08per share.

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 10 per cent to close at 81 kobo, per share. Dangote Sugar Refinery followed with a decline of 9.95 per cent to close at N73.30, while Nigerian Exchange Group lost 9.84 per cent to close at N22.90, per share.

Red Star Express depreciated by 9.47 per cent to close at N4.11, while Sterling Financial Holdings Company declined by 9.09 per cent to close at N6.90, per share.