NSE indices up 1.85%

Activities on the Nigerian Stock Exchange (NSE) closed on a bullish trend on Friday with the market indices improving further by 1.85 per cent, following investors reaction to Dangote Cement plant commissioning.

Our correspondent reports that the market capitalisation inched N236 billion or 1.85 per cent to close at N13.009 trillion compared with N12.773 trillion achieved on Thursday.

Also, the All-Share Index which opened at 36,688.75 rose by 677.16 points or 1.85 per cent to close at 37,365.91.

Dangote Cement led the gainers’ table with N10 to close at N240 per share.

Mr Ambrose Omordion, the Chief Operating Officer, InvesData Ltd., attributed Dangote Cement gain to investors reaction to the 300 million dollars Mfila plant commissioned by the company in Republic of Congo on Nov.23.

Omordion said that the Mfila plant, estimated at 300 million dollars, had potential for about 1,000 direct employment and thousands of several other indirect jobs.

He stated that investors were taking advantage of the stock in anticipation that the plant would further strengthen the company fundamentals and impact positively on its bottom line.

International Breweries followed with a gain of N4.06 to close at N58, while Nestle rose by N3.10 to close at N1,305 per share.

Flour Mills garnered N2.90 to close at N35, while Stanbic IBTC improved by N1.49 to close at N41.99 per share.

Conversely, National Salt Company of Nigeria led the losers’ chart, shedding 70k to close at N15.10 per share.

PZ shed 42k to close at N23, while Access Bank lost 23k to close at N9.77 per share.

May and Baker dropped 10k to close at N2.70, while Continental Reinsurance dipped 4k to close at N1.34 per share.

Similarly, the volume of shares traded rose by 69.44 per cent with an exchange of 870.58 million shares valued at N5.04 billion exchanged in 3,126 deals.

This was in contrast with a total of 513.80 million shares worth N6.45 billion transacted in 4,243 deals on Thursday.

Wapic Insurance was the most active, trading 650.33 million shares worth N325.17 million.

It was followed by Dangote Sugar with an account of 46.99 million shares valued at N801.40 million, while Fidelity Bank sold 22.74 million shares valued at N38.19 million.

Transcorp sold 21.99 million shares worth N29.01 million and FBN Holdings transacted 21.75 million shares valued at N151.17 million.