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Dangote Cement, GTB, others lead N44 billion market gain

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Brokers on the floor of Nigerian Stock Exchange in Lagos.

Equity transactions on the trading floor of the Nigerian Stock Exchange (NSE), sustained rising profile, following price gains by the bellwethers, especially Dangote Cement, and Guaranty Trust Bank (GTB), as market capitalisation appreciated further by N44 billion. 
 
At the close of transactions yesterday, the index rose by 111.04 points or 0.36 per cent to close at 30,989.60 compared with 30,878.56 on Wednesday.

Similarly, the market capitalisation inched N44 billion to close at N11.558 trillion against N11.514 trillion achieved a day earlier.

On the price movement chart, Dangote Cement led the gainers’ table, improving by N2 to close at N192 per share.

Guaranty Trust Bank followed with a gain of 60k to close at N33.60, while Access Bank garnered 35k to close at N6 per share.

FBN Holdings appreciated by 20k to close at N7.60, while Ikeja Hotel rose by 15k to close at N1.67 per share.

Analysts at Cordros Capital urged investors to trade cautiously in the short to medium term, as selloffs were likely to persist, amidst brewing political uncertainty, and the absence of a positive catalyst.

They, however, added that stable macroeconomic fundamentals remain supportive of long-term gains.

On the other hand, Cement Company of Northern Nigeria topped the laggards’ table with a loss of N1 to close at N24 per share.

Union Bank trailed with 60k to close at N6.15, while Stanbic IBTC lost 50k to close at N47 per share.

Julius Berger dipped 40k to close at N28, while Fidson Healthcare declined by 25k to close at N4.70 per share.

Despite the growth posted by market indices, the volume of shares traded closed lower by 28.70 per cent with an exchange of 268.26 million shares valued at N3.15 billion in 3,756 deals.

This was in contrast with a total of 376.26 million shares worth N2.97 billion traded in  3,405 deals on Wednesday. 
 
Investors’ thirst for banking stocks continued, as the trading in the sector dominated in volume terms. Specifically, Zenith Bank was the most active stock, exchanging 36.47 million shares valued at N806.51 million.

United Bank for Africa followed with 31.64 million shares worth N232.34 million, while FBN Holdings traded 28.99 million shares valued at N217.37 million.

FCMB Group sold 19.99 million shares  worth N39.01 million, while Fidelity Bank sold 19.32 million shares valued at N44.02 million.


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