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Dangote Cement powers market stocks to N175bn green zone

Thursday stock trading at the Nigerian Stock market saw massive boost in capitalisation as it jumped to N175bn after a 4.74 per cent gain in Dangote Cement Plc to consolidate at the green zone.

Whereas Guinness Nigeria Plc topped the gainers’ chart for the second day in a row with the ticker pushing to 10.23 per cent to close at N96.33, Dangote Cement, Stanbic IBTC Holdings Plc, Aiico Insurance Plc and Africa Prudential Plc, which appreciated respectively by 4.73 per cent, 3.88 per cent, 3.64 per cent and 3.57 per cent.

However, the market recorded 19 gainers and 22 losers.

Otherwise, equities capitalisation grew to N12.448tn from N12.273tn as the All-Share Index closed at 36,116.19 basis points from 35,609.07 basis points.

This stemmed from 222.691 million shares valued at N4.168bn which exchanged hands in 4,622 deals. The market recorded 19 gainers and 22 losers.

At the end trading yesterday, Nigerian bourse advanced by 1.42 per cent, settling the year-to-date return at 34.37 per cent at the end of the day’s trading. However, volume of transactions and market turnover recorded declines of 20.99 per cent and 23.14 per cent, respectively relative to Wednesday business.

Market pundits and mainly stock analysts at Meristem Securities, in a note, said, “We attribute the market’s performance to the significant price appreciation recorded on Dangote Cement as the market would have recorded an advancement of only 0.09 per cent ex-Dangote Cement.

“Although we note that the renewed positive investor sentiments are in line with current economic conditions, we do not rule out profit-taking on stocks which have recorded huge gains. We however expect the market to close up week-on-week.”

On losers, Seplat Petroleum Development Company Plc, which declined by five per cent, topped the loser’s chart to close at N457.90. Other stocks featured on the losers’ list were: NCR (Nigeria) Plc, May & Baker Nigeria Plc, Skye Bank Plc and FBN Holdings Plc, which declined by 4.91 per cent, 4.76 per cent, 4.76 per cent and 4.32 per cent, in that order.

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