Nigeria bourse posts 0.10% growth, amid Dangote Cement gain

The Nigerian equities market closed Thursday trading on upward trend, appreciating by 0.10 per cent, amid Dangote Cement gain.

Specifically, the All-Share Index (ASI) inched by 20.66 points or 0.10 per cent to close at 21,121.20 against 21,100.54 on Wednesday.

Similarly, the market capitalisation rose by N11 billion or 0.10 per cent to close at N11.007 trillion compared with N10.996 trillion on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flour Mills, Glaxo SmithKline, Livestock Feeds and Union Diagnostic.

Market analysts attributed the market performance to cautious trading by investors due to Coronavirus pandemic across the globe which may force the world into another round of recession.

They noted that Nigerian investors were not left out with the crude oil currently selling below the Federal Government’s revised budget benchmark of $30 per barrel.

A breakdown of the price movement chart shows that Dangote Cement led the gainers’ pack in percentage terms, gaining 9.93 per cent to close at N128.40 per share.

Livestock Feeds followed with a gain 9.38 per cent to close at 70k, while Glaxo SmithKline appreciated by 9.09 per cent to close at N4.80 per share.

Flour Mills improved by 5.48 per cent to close at N20.20, while Union Diagnostic appreciated by four per cent to close at 26k per share.

On the other hand, Nigerian Breweries led the losers’ chart in percentage terms, declining by 9.27 per cent, to close at N24.80 per share.

Honeywell trailed 8.16 per cent to close at 90k, while International Breweries lost 6.54 to close at N5 per share.

MTN Nigeria shed 5.69 per cent to close at N92.80, while FBN Holdings depreciated by 5.13 per cent to close at N3.70 per share.

Also, the total volume of shares traded increased by 65.38 per cent as investors bought and sold 255.59 million shares worth N2.86 billion traded in 4,418 deals.

This was in contrast with 154.55 million shares valued at N1.76 billion exchanged in 3,415 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 100.83 million shares worth N1.11 billion.

Guaranty Trust Bank followed with 34.18 million shares valued at N595.98 million, while FBN Holdings sold 28.96 million shares worth N109.24 million.

Transcorp accounted for 13.43 million shares valued at N8.09 million, while United Bank for Africa transacted 13.38 million shares worth N65.63 million.