The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Unilever, Dangote Cement, others trigger stock market rebound

Related


Renewed bargain-hunting on some blue-chip companies, especially Unilever and Dangote cement, aided transactions on the Nigerian Stock Exchange (NSE), causing market capitalisation to increase by N14 billion.

Specifically, at the close of trading yesterday, the All Share Index (ASI) was up by 39.76 absolute points, representing an increase of 0.12 per cent to close at 32,453.69 points. Similarly, the market capitalisation increased by N14 billion, closing at N12.102 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Unilever Nigeria, Dangote Cement, PZ Industries, Lafarge Africa and UAC of Nigeria.Analysts at Afrinvest Limited said: “Despite yesterday’s positive performance, we maintain a conservative outlook for tomorrow’s trading session. We expect profit taking activities in fundamentally good stocks as the market closes for the week.”

Investdata Consulting Limited said: “Volatility will also continue as investors and fund managers reposition their portfolios, with eyes fixed on political space and ahead of January inflation data, which is another factor likely to drive prices north, or south, while determining market direction before or after the Presidential Election.
Investors should review their positions in line with their investment goals, strength of the company numbers and act as events unfold in the global and domestic environment.


“However, we would like to reiterate our advice that investors should go for equities with intrinsic value. We advise investors to allow numbers guide their decisions while repositioning in any stock, especially now that stock prices remain low in the midst of mixed company numbers, weak economic and market fundamentals.”

Further breakdown of yesterday’s transactions showed that market breadth closed positive, recorded 22 gainers against 13 losers. Associated Bus Company and Livestock Feeds recorded the highest price gain of 10 per cent, each to close at 44 kobo and 66 kobo, respectively, while Unity Bank followed with a gain of 9.62 per cent to close at N1.14 per share.

Unilever Nigeria appreciated by 6.82 per cent to close at N47, while Wema Bank up by 6.72 per cent to close at 95 kobo, per share. On the other hand, Union Bank of Nigeria (UBN) led the losers’ chart by 8.03 per cent, to close at N6.30, per share. Oando followed with a decline of 5.17 per cent to close at N5.50, while Dangote Flour Mills lost 4.57 per cent to close at N8.35, per share.

Union Diagnostic & Clinical Services shed 3.23 per cent to close at 30 kobo, while Eterna depreciated by 3.09 per cent, to close at N4.70, per share. However, total volume of trades decreased by 10.1 per cent to 423.38 million units, valued at N3.73 billion and exchanged in 4,417 deals.

Transactions in the shares of Diamond Bank topped the activity chart with 97.16 million shares valued at N233.17 million. Transnational Corporation of Nigeria (Transcorp) followed with 41.13 million shares worth N64.1 million.Zenith Bank traded 40.29 million shares valued at N997.1 million. Access Bank traded 39.68 million shares valued at N263.84 million, while Veritas Kapital Assurance transacted 38.84 million shares worth N8.51 million.


In this article:
Dangote CementUnilever
Receive News Alerts on Whatsapp: +2348136370421

No comments yet