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Nigeria stock market gains N334bn on Dangote Cement share buyback



NSE All-Share IndexMay 29: Market capitalisation inches to N490bn returns to 30,000 mark, amid MTN Nigeria gains

The Nigerian Stock Exchange (NSE) gained N334 billion on Monday due to buying interest in Dangote Cement and 22 other stocks.

Specifically, the market capitalisation rose by N334 billion or 1.74 per cent to close at N19.570 trillion compared with N19.236 trillion achieved on Friday.

Also, the All-Share Index which opened at 36,804.75 appreciated by 638.65 points or 1.74 per cent to close at 37,443.40.

Accordingly, month-to-date and year-to-date gain increased to 6.9 per cent and 9.5 per cent, respectively.

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the bullish run to buying interest in Dangote Cement, due to planned repurchase of 10 per cent announced by the company scheduled for Dec. 30 and 31.

Omordion also said the rally impacted positively on the shares of Lafarge Africa and and Oando stocks.

The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; Dangote Cement, BOC Gases, Flour Mills, Lafarge Africa and PZ Cussons.

Market sentiment breadth closed at par with 23 gainers and losers.

BOC Gases dominated the gainers’ chart in percentage term, gaining 10 per cent to close at N7.92, per share.

Dangote Cement followed with 9.98 per cent to close at N230.40, while Oando rose by 9.87 per cent to close at N3.45 per share.

AXA Mansard improved up by 9.78 per cent to close at N1.01, while NEM Insurance and FTN Cocoa Processors appreciated by 9.68 per cent each to close at N1.36 and 68k per share, respectively.

Conversely, Eterna led the losers’ chart in percentage terms with 9.89 per cent to close at N4.10 per share.

Trans-Nationwide followed with 9.20 per cent to close at 79k, while Chams declined by 8.70 per cent to close at 21k per share.

Ardova lost 5.24 per cent to close at N13.55, while Unity Bank shed 4.48 per cent to close at 64k per share.

Also, the total volume of shares traded increased slightly by 0.2 per cent as investors bought and sold 427.06 million shares worth N3.31 billion exchanged in 5,258 deals.

This was in contrast with a total of 426.33 million shares valued N4.36 billion achieved in 4,298 deals on Friday.

Transactions in the shares of AXA Mansard Insurance topped the activity chart with 90.18 million shares worth N91.08 million.

Japaul Gold and Ventures followed with 45.46 million shares valued at N16.82 million, while Transcorp traded 36.58 million shares valued at N34.21 million.

Skyway Aviation Handling Company traded 24 million shares worth N63.74 million, while AIICO Insurance transacted 22.94 million shares worth N29.59 million.

Chinyere Joel-nwokeoma

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