Dangote Cement, Others Drive NGX Index Beyond 100,000 Basis Points
The rally in Nigeria’s stock market continued yesterday as the Nigerian Exchange Limited All-Share Index hits 101,571.11 basis points, surpassing the 100,000 basis points mark.
The NGX All-Share appreciated by nearly three per cent from 98,616.97 basis points to close at 101,571.11basiis points, bringing the Year-to-date gain to 35.84per cent.
The 35.8 per cent investors return has surpassed inflationary levels in the country and outperforming other indices in the African, European and Middle Eastern markets as tracked by Bloomberg.
Consequently, the overall market N55.58trilliionn, after gaining N1.62trillion or nearly three per cent from N53.967 trillion the stock market opened for trading
Bluechip stocks including
Dangote Cement that gained 6.49per cent, BUA Cement that appreciated by 9.98per cent alongside BUA Foods that increased by 5.59per cent kept the market in the green, outweighing selloffs in Tier-1 banks namely, United Bank for Africa that dropped by 0.33per cent, Access Corporation that declined by 1.22per cent and FBN Holdings Plc that tumbled by 0.78per cent. Investor sentiment, as measured by market breadth closed positive as 35 stocks gained, while 32 lost. Wapic Insurance recorded the highest price gain of 10 per cent to close at 88 kobo, per share. BUA Cement followed with a gain of 9.98 per cent to close at N179.65, while Japaul Gold & Ventures rose by 9.91 per cent to close at N2.55, per share.
University Press appreciated by 9.82 per cent to close at N3.69, while Tripple Gee & Company rose by 9.69 per cent to close at
N2.83, per share. On the other hand, NEM Insurance led the losers’ chart by 10 per cent to close at N7.20, per share.
Cadbury Nigeria followed with a decline of 9.96 per cent to close at N23.50, while The Initiates Plc (TIP) declined by 9.92 per cent to close at N2.27, per share. May & Baker Nigeria shed 9.89 per cent to close at N6.65, while McNichols lost 9.88 per cent to close at N1.46, per share. A total value of stocks traded by investors was N8.04trillion, a 51 per cent drop from the value traded in the previous day.
Leading conglomerate, Transnational Corporation Plc was the most liquid stock on NGX as investors exchanged N1.6trillion worth of its stock in 1,207 deals on Wednesday. BUA Cement, Dangote Cement, United Bank for Africa and Zenith Bank also formed part of the top 5 traded stocks by volume.