NGX Rises by N580bn as Dangote, BUA Cement Rally

NGX Rises by N580bn as Dangote, BUA Cement Rally

Fuelled by improved sentiment, the Nigerian Exchange (NGX) equities segment recorded more than N580 billion daily gain on Tuesday as Dangote and BUA Cement rallied. 

Buying interest in the cement names fuelled a significant uptrend reported in the local bourse with support seen from lightweight companies stocks like Eterna, Transcorp, and Okomu Oil among others,

As bullish sentiment continued to dominate the market, the Nigerian Exchange All-Share Index gained 1.65% on the day, settling at 65,999.97 points, eclipsing its previous peak in February 2008, before closing at 65,669.29 points.

Driven the momentum, Ticker: DANGCEM spiked by 9.27% following the company’s commencement of its share buy-back program. ETERNA rose by 9.94%, BUACEMENT gained 6.59%, TRANSCORP surged by 4.44% OKOMUOIL price increased by 2.16%, and DANGSUGAR popped up 0.55%.

TRANSCOHOT market price also increased by 10% as alpha seekers positioned heavily ahead of the second quarter earnings release.  Consequently, the stock market year-to-date gain rose to 28.13% even as the number of gainers stood at 38 against that of losers at 33.

Sectoral performance was mixed, as the Industrial Goods (+7.5%) and Oil & Gas (+0.7%) indices recorded gains, while the Banking (-3.1%), Insurance (-2.4%), and Consumer Goods (-0.4%) indices printed losses.

Data from the exchange showed that activity level nosedived, with total deals, volume, and value decreasing by 38.82%, 54.07%, and 57.28%, respectively, to 8,922 trades, N844.72 million units, and N9.41 billion.

In terms of volume, CHAMS emerged as the most actively traded stock, with 91.71 million shares worth N117.15 million changing hands in 412 deals. Overall, the equities market capitalization gained N580.23 billion to close the day at N35.757 trillion. #NGX Rises by N580bn as Dangote, BUA Cement Rally Nigeria Sells Bonny Light, Qua Iboe Crude at Premium