Investors Gain N3.2trn as Cement Oligarchs Recoup Losses
The Nigerian stock market closed in the green on Friday, with investors pocketing N3.2 trillion in capital appreciation, reversing the previous day’s downtrend.
The sharp resurgence followed price recovery posted by the cement oligarchs after significant losses posted by Dangote Cement, Lafarge Africa and BUA Cement the previous day.
The market performance indicators rose by 2.06% on the back of bullish sentiment, fully offsetting the losses recorded so far this week, reflecting investors’ positive trading sentiment.
Trading data from the Nigerian Exchange showed investors increased bets in top tickers, including DANGCEM, OANDO, BUACEMENT, WAPCO, FIRSTHOLDCO, and others, across major market sectors.
The Industrial and Banking sectors contributed the most to performance, gaining 7.26% and 3.35%, respectively. Today, the market index (All-Share Index) added 4,936.04 basis points to close at 244,670.65.
Likewise, market capitalisation climbed by ₦3,167.89 billion to close at ₦157.03 trillion. Stockbrokers reported that market activity was down today, as total trade volume and total value traded declined by 41.72% and 23.74%, respectively.
In its market update, Atlass Portfolio Limited told investors that approximately 1,066.49 million units valued at ₦55,036.57 million were transacted across 69,996 deals.
ACCESSCORP accounted for 9.26% of all volume traded in the local bourse, followed by VFDGROUP (9.13%), FCMB (8.84%), UBA (8.52%), and VERITASKAP with 4.73%.
MTNN accounted for 13.48% of total transactions on the stock market, making it the most traded on the exchange.
NEIMETH, CADBURY and 3 others topped the gainers’ chart, up by +10.00% each, closely trailed by ZICHIS (+9.99%), CAP (+9.98%), FIRSTHOLDCO (+9.98%), BERGER (+9.97%), MEYER (+9.94%), and thirty-four others.
A total of thirty-one stocks depreciated. With a price depreciation of -10.00%, IMG and UACN topped the worst performers’ chart, followed by ETERNA (-9.93%), LEARNAFRICA (-9.89%), DEAPCAP (-9.69%), UPDC (-8.51%), and VERITASKAP (-8.05%).
Hence, the market breadth closed on a positive note, with 44 gainers and 31 losers. The sectoral performance was positive today, with four of the five major market sectors closed in green.
The Industrial goods sector appreciated by +7.26%, followed by the Banking sector (+3.35%), the Consumer goods sector (+0.21%), and the Oil & Gas sector (+0.14%). Only the Insurance sector declined by -0.37%. A’ibom Plans Oil Palm Revolution for Economic Prosperity
