Dangote, FirstHoldCo Halt NGX Downtrend, Investors Gain N1.47trn
Dangote Cement and FirstHoldCo rallied, halting the Nigerian stock market’s downtrend on Friday, with equities market capitalisation rising by about N1.47 trillion.
The Nigerian Exchange (NGX) closed the week bullish, with key market performance indicators edging up 0.92%. Stockbrokers reported renewed bargain hunting and strong buying interest in medium- and large-cap stocks across major sectors.
The Industrial Goods and Banking sectors led the gains, with DANGCEM, FIRSTHOLDCO, FIDELITYBK, and WEMABANK among the notable advancers.
Specifically, the All-Share Index added 2,265.33 basis points to close at 247,222.27. Likewise, market capitalisation rose by ₦1,470.86 billion to ₦160.52 trillion.
Total volume of shares traded and total transaction value rose by 69.56% and 13.88%, respectively. Stockbrokers reported that approximately 611.68 million units valued at ₦23,141.09 million were transacted across 33,585 deals.
LIVESTOCK drove volume, accounting for 13.32% of all shares traded in the local bourse, followed by LASACO (6.77%), SOVRENINS (6.12%), STANBIC (5.63%), and ZENITHBANK (5.27%).
ARADEL topped the value chart, accounting for 18.88% of the total transaction value executed on the local bourse, making it the highest-traded stock on the exchange.
DANGCEM and FIRSTHOLDCO led the gainers chart, up +10.00% each, followed by GUINEAINS (+9.41%), FIDELITYBK (+9.09%), FTNCOCOA (+5.60%), CORNERST (+4.35%), UPDC (+4.17%), and sixteen others.
A total of twenty-four stocks depreciated. With a price depreciation of -9.79%, LIVESTOCK led the worst-performers chart, followed by TRIPPLEG (-8.74%), HBMNG (-7.65%), NEIMETH (-6.58%), UPL (-6.45%), and ARADEL (-6.33%).
Hence, market breadth closed negative, with 23 gainers and 24 losers. Sectoral performance was positive today, with four of the five major market sectors up.
The Industrial goods sector led gains at +3.68%, followed by Banking (+2.57%), Insurance (+0.17%), and Consumer goods (+0.05%). Only the Oil & Gas sector declined by 2.51%.
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