By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bullish sentiments on Monday prevailed on the Nigerian Stock Exchange (NSE), following a rally in the shares of cement producer and most capitalised company on the Nigerian bourse, Dangote Cement Plc, as all-share index (ASI) climbed up 1.41 percent to close at 24,570.73 basis points, while market capitalisation jumped by N116.75 billion to N8.45 trillion.
Cordros daily market update reported that today’s gain increased the Month-to-Date (M-t-D) gain to 2.74 percent and pared the Year-to-Date (Y-t-D) loss to 14.22 percent.
According to the update, three (3) of the five (5) indices appreciated, it disclosed that a price increase in DANGCEM by 5.00 percent boosted the Industrial Goods index to a high of 2.48 percent.
Similarly, the Oil & Gas and Banking indices grew by 0.57 percent and 0.43 percent respectively on the back of gains in the share of first Nigerian dual listed upstream oil and gas firm, Seplat Petroleum Development Company Plc by 2.65 percent, oil marketer, Mobil Nigeria Plc increasing by 4.65 percent. While in the Banking sector, financial Holdco, FBN Holdings Plc appreciated by 2.37 percent and Nigeria’s top tier lender, Guaranty Trust Bank Plc gained by 0.63 percent.
Conversely, the Consumer Goods and Insurance sectors shed 0.45 percent and 0.56 percent respectively due to price declines in the shares of Nigeria’s foremost beer producer, Nigerian Breweries Plc by 0.76 percent and insurer, Axa Mansard Insurance Plc by 4.10 percent, the Cordros update reported.
At the end of today’s trading on the Nigerian bourse, market breadth was flat, with 18 gainers and losers apiece. Dangote Cement emerged the top gainer with a gain of N6.75 per share; while mid-tier lender, Wema Bank Plc topped the losers chart with a loss of 0.07 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market climbed by 66.64 percent to 467.24 million shares worth N1.49 billion, which exchanged hands in 2,549 deals.
“We expect gains to continue in tomorrow’s session, as investors’ appetite appears strengthened and stock prices remain attractive,” the Cordros update affirmed.
