Nigerian Stock Market Tops N160trn as Dangote Sugar Lists Shares
The equities market capitalisation of the Nigerian Exchange (NGX) increased by more than N1 trillion, driven by new share listings from the Dangote Sugar Refinery rights issue.
The stock market opened the new week on a positive note, with key performance indicators showing mixed outcomes. The NGX All-Share Index increased by +0.29%, while the market capitalisation rose by +0.65%.
The divergence is attributed to the additional listing of 8,097,918,827 Ordinary Shares of 50 Kobo each at N60.00 Per Share arising from Dangote Sugar Refinery Plc’s Rights Issue of 8,097,918,827 ordinary shares of 50 Kobo each at N60.00 per share.
The market index increased by 707.34 basis points in today’s trading session to close at 247,699.78. Also, market capitalisation inched higher by ₦1,041.67 billion to close at ₦160.60 trillion.
Total volume of all trades and the total value of all transactions executed in the local bourse declined by 81.81% and 62.88%, respectively. Stockbrokers reported that approximately 407.85 million units, valued at ₦27,252.28 million, were transacted in 52,322 deals.
ACCESSCORP topped the volume chart, accounting for 9.84% of all units traded in the market, followed by FCMB (6.30%), STERLINGNG (4.44%), GTCO (4.17%), and NB with 3.55%.
ARADEL topped the value chart, accounting for 27.89% of the total transaction value in the stock market segment, making it the most actively traded on the exchange.
ZICHIS led the gainers chart, up by +9.97%, then trailed by ARADEL (+5.38%), NSLTECH (+4.29%), INTBREW (+3.02%), MTNN (+2.45%), ELLAHLAKES (+2.22%), and six others.
A total of forty-three stocks depreciated. With a price depreciation of -10.00% each, CAVERTON and OMATEK topped the worst performers’ chart, followed by CMFC (-9.85%), SUNUASSUR (-9.42%), DAARCOMM (-9.41%), FTGINSURE (-9.00%), and CHAMPION (-8.79%).
Hence, market breadth closed on a negative note, with 12 gainers and 43 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Insurance sector fell by -1.22%, followed by the Banking sector (-0.72%), the Consumer goods sector (-0.10%), and the Industrial goods sector (-0.01%). Only the Oil & Gas sector increased by +2.19%. #Nigerian Stock Market Tops N160trn as Dangote Sugar Lists Shares#Top 5 Stocks with Buy Recommendations from Broadstreet
