NSE All-Share Index records 1.38% growth, amid buying interest in Dangote Cement

Activities on the Nigerian Stock Exchange (NSE) reopened for the week on Monday on a bullish trend with the All-Share Index crossing 27,000 mark following buying interest in Dangote Cement.

Speficially, the index which opened at 26,968.79 inched 370.89 points or 1.38 per cent to close at 27,339.68.

Also, the market capitalisation rose by N180 billion to close at N13.199 trillion in contrast with N13.019 trillion on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, Flour Mills of Nigeria, Nascon Allied Industries, Guaranty Trust Bank and Dangote Sugar.

Analysts at Afrinvest Limited stated that “following the recent trend in the market, we expect the market to continue its gaining streak this week.”

FCMB Group led the gainers’ chart in percentage terms, gaining of 10 per cent, to close at N2.09 per share.

Cornerstone Insurance followed with a gain 9.43 per cent to close at 58k, while Unity Bank went up by 8.96 per cent to close at 73k per share.

Wema Bank appreciated by 8.82 per cent to close at 74k, while Courteville increased by 8.33 per cent, to close at 26k per share.

On the other hand, PZ Cussons Nigeria led the losers’ chart in percentage terms, dropping 9.73 per cent to close at N5.10 per share.

Niger Insurance and Union Diagnostic & Clinical Services followed with a decline of 9.09 per cent each, to close at 20k respectively.

Consolidated Hallmark Insurance went down by 8.33 to close at 33k per share.

Fidson Healthcare dipped 5.56 per cent to close at N2.55, while Union Bank shed five per cent to close at N5.70 per share.

The total volume traded declined by 14.52 per cent with an exchange of 520.43 million shares worth N5.35 billion traded in 5,784 deals.

This was in contrast with a turnover of 608.86 million shares valued at N3.76 billion transacted in 6,071 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 97.11 million shares worth N1.91 billion.

Universal Insurance followed with an exchange of 70 million shares worth N14 million, while United Bank for Africa traded 62.66 million shares valued at N497.65 million.

FCMB Group sold 54.86 million shares worth N109.98 million, while FBN Holdings transacted 26.39 million shares worth N182.69 million.