NGX crosses 90,000 points amid rally in Dangote cement, 46 stocks

The Nigerian Exchange Limited (NGX) sustained rising profile at the end of yesterday’s transactions as the All-share index crossed 90,000 mark, occasioned by bargain hunting in Dangote Cement Plc and 46 others.

The All Share Index (ASI) rose by 2,092.15 points, representing a gain of 2.38 per cent to close at 90,063.25 points. Also, market capitalisation appreciated by N1.145 trillion to close at N49.284 trillion.

Analysts at Vetiva Dealings and Brokerge said:” As expected, we saw some price corrections today, especially in the banks, and we expect similar mixed trading session tomorrow.”

The uptrend was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Dangote Cement, BUA Foods, BUA Cement and Guinness Nigeria.

Market breadth closed positive as 47 stocks gained relative to 35 decliners.
AIICO Insurance, SUNU Assurance, Guinness Nigeria, Honeywell Flour Mills and Wema Bank recorded the highest price gain of 10 per cent each to close at N1.54 kobo, N1.76 kobo, N71.50 kobo, N4.84 kobo and N11.66 kobo respectively.

BUA Cement followed with a gain of 9.99 per cent to close at N123.90 kobo, while May & Baker Nigeria appreciated by 9.98 per cent to close at N6.83 kobo.

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 10 per cent to close at 81 kobo, per share. Dangote Sugar Refinery followed with a decline of 9.95 per cent to close at N73.30 kobo, while Nigerian Exchange Group lost 9.84 per cent to close at N22.90 kobo.

Red Star Express depreciated by 9.47 per cent to close at N4.11 kobo while Sterling Financial Holdings Company declined by 9.09 per cent to close at N6.90 kobo.

The total volume of trades increased by 19.3 per cent to 1.3 billion units, valued at N16.38 billion, and exchanged in 17,471 deals.

Transactions in the shares of Sterling Financial Holdings Company topped the activity chart with 106.141 million shares valued at N800.259 million. Japaul Gold & Ventures followed with 101.122 million shares worth N268.795 million.

Transcorp traded 90.466 million shares valued at N1.577 billion.
Jaiz Bank traded 83.116 million shares valued at N321.467 million, while Unity Bank sold 73.415 million shares worth N237.656 million.