NGX Crosses N52Trn as Dangote Cement Rallies

The equities segment of the Nigerian Exchange (NGX) has crossed N52 trillion, its new all-time high, following the popularity of Dangote cement in the local bourse. Following the strong buying momentum, the stock market key performance indicators grew by +2.87%.

The local bourse traded positive on Monday although market breadth closed negative. The market saw an increased buying interest in DANGCEM and 23 others. Stockbrokers said the market index or All-Share Index increased by 1,230.00 basis points today, representing a rise of +1.30% to close at a new high of 95,768.12.

However, market activities slowed down. Total volume and total value traded for the day dropped by -14.53% and -4.23% respectively. Atlass Portfolios Limited said in its market update that approximately 721.81 million units valued at ₦14,407.68 million were transacted in 15,757 deals.

TRANSCORP was the most traded stock in terms of volume, accounting for 9.24% of the total volume of trades. The conglomerate was followed by VERITASKAP (6.53%), ACCESSCORP (5.56%), UNIVINSURE (5.40%), and JAPAULGOLD (4.56%) to complete the top 5 on the volume chart.

NESTLE was the most traded stock in value terms, with 13.68% of the total value of trades on the exchange. SUNUASSUR topped the advancers’ chart for today with a price appreciation of 10.00 per cent.

The stock was trailed by DANGCEM with a +9.99% price uptick. Other gainers include TRIPPLEG (+9.81%), ETERNA (+9.80%), CUTIX (+8.89%), UNILEVER (+7.96%), and eighteen others.

Forty-six stocks depreciated, stockbrokers said in the update. FLOURMILL, CADBURY, MCNICHOLS, UPL, and SOVRENINS were the top losers, with a price depreciation of -10.00% each. Selloffs Provoke Spike in Nigerian Treasury Bills Yield

On the loser chart are WEMABANK (-9.58%), CHAMS (-9.15%), NESTLE (-7.19%), FTNCOCOA (-6.51%), and TRANSCORP (2.36%). Given the trading pattern, the market breadth closed negative, recording 24 gainers and 46 losers. In addition, the market sector performance was negative, according to data from the Exchange.

Today, three of the five major market sectors went down. The Insurance sector dropped by 2.53%, followed by the Consumer goods sector which lost -1.48%. Also, the Banking sector slid by 0.90%. The Industrial and Oil & Gas sectors were up by +5.15% and +0.55% accordingly.

Overall, the equities market capitalisation of the Nigerian Exchange increased by ₦673.10 billion to close at ₦52.41 trillion.