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NGX sustains rally by N150bn on Dangote Cement gain

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The Nigerian Exchange (NGX) sustained the bullish momentum on Wednesday with N150 billion growth, following interest in Dangote Cement and 24 others.

Specifically, the market capitalisation which opened at N20.266 trillion inched higher by N150 billion or 0.74 per cent to close at N20.416 trillion.

Similarly, the All-Share Index rose by 289.25 points or 0.74 per cent to close at 39,170.95 from 38,881.70 recorded on Tuesday.

Consequently, month-to-date gain increased to 1.9 per cent, while year-to-date loss moderated to 2.7 per cent.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, Dangote Cement, NASCON Allied Industries, Lafarge Africa and Flour Mills.

Market sentiment was positive with 25 gainers compared with six laggards.

Cutix drove the gainers’ chart in percentage terms with 10 per cent to close at N2.53 per share.

Okomu Oil came second with 9.75 per cent to close at N116.50, while Union Bank of Nigeria garnered 9.43 per cent to close at N5.80 per share.

Honeywell Flour Mill improved by 8.62 per cent to close at N1.26, while Associated Bus Company gained 8.11 per cent to close at 40k per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms with 3.57 per cent to close at 27k per share.

Jaiz Bank followed with 3.39 per cent to close at 57k, while FCMB Group lost 1.59 per cent to close at N3.10 per share.

FBN Holdings dipped 1.37 per cent to close at N7.20, while AXA Mansard Insurance shed 1.19 per cent to close at 83k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 20.76 million shares valued at N476.13 million.

Sterling Bank followed with 19.38 million shares worth N31.01 million, while Guaranty Trust Bank sold 15.12 million shares valued at N432.82 million.

FBNH accounted for 11.59 million shares worth N83.87 million, while Fidelity Bank transacted 11.31 million shares worth N25.49 million.

In all, the total volume of shares transacted decreased by 16.9 per cent with an exchange of 181.53 million shares valued at N3.96 billion in 3,217 deals.

This was against 218.51 million shares worth N1.59 billion traded in 3,630 deals on Tuesday.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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