NGX Index Pops as Dangote Cement Shares Recover

NGX Index Pops as Dangote Cement Shares Recover

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NGX Index Pops as Dangote Cement Shares Recover

The Nigerian stocks rise on Wednesday as Dangote Cement Plc moves to recovery mode with about a 10% daily gain after the previous day’s selloffs that pull down the equities segment of the Nigerian bourse by more than N614 billion.

Market data shows that Dangote Cement shares and twenty other listed stocks drive the growth momentum on the Nigerian Exchange today. As a result of bargain hunting in the market as bulls made fresh entry into the space, the All-Share Index rose by 724.76 basis points representing a 1.47 per cent growth, to close at 50,075.47.

Then, the Nigerian Exchange equities market capitalisation advanced by ₦390.92 billion, representing an increase of 1.47 per cent to close at ₦27.01 trillion. On a similar trend, the market activities were bullish, as the total volume and value transacted surged by 98.58 per cent and 30.14 per cent, respectively.

Citing data from the Nigerian Exchange, Atlass Portfolios Limited said in a market note that about 279.22 million units valued at ₦2.08 billion were transacted in 3,576 Deals.

JAIZBANK emerged as the most traded stock in terms of volume, accounting for 41.23 per cent of the total volume of trades. READ: Jaiz Bank Profit Pops on Healthy Income from Contracts Financing

The Islamic lender was followed closely by FBNH (14.31%), UBA (5.25%), AIICO (4.98%) and JAPAULGOLD (4.75%) to complete the top five on the volume chart.

Meanwhile, FBNH share was the most traded stock in value terms, with 20.72 per cent of the total value of trades on the exchange. DANGCEM topped the advancers’ chart with a price appreciation of 9.96 per cent. Nigeria’s largest company by valuation was trailed by JAPAULGOLD whose share jumped up 8.82% while AFRIPRUD gained 5.45% and ETERNA rose 2.80%.

Also, GUINNESS Nigeria’s share price was boosted by 1.20% while ZENITH BANK increased by 0.94%, ETRANZACT up 0.44% as well as thirteen (13) other stocks. On the flip side, Atlass Portfolios analysts stated that ten stocks depreciated, led by WAPCO with a price decline of 8.84 per cent to close at ₦23.20.

HONYFLOUR was down 6.41%, UACN gave up 5.36% of its share price while CUTIX shed 2.67%. TRANSCORP lost 1.79%, UCAP went down 1.56% and ACCESSCORP’s share price inched downward by 0.56%. Overall, the stock market breadth was positive, recording 20 gainers and 10 losers while sectorial performance ended on a positive note.

Today, the NGX Indexes closed bullishly compared to the previous session, led by Industrial Goods (4.35%), Insurance (1.91%), Banking (0.42%), and Consumer Goods (0.33%) and Oil & Gas (0.06%), respectively. #NGX Index Pops as Dangote Cement Shares Recover
The post NGX Index Pops as Dangote Cement Shares Recover appeared first on MarketForces Africa.

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