Nigeria: Dangote Cement, 26 Others Push Equities Market Gains to N76bn

13 January 2021

The Nigerian equities market yesterday closed transactions on a positive note for the second successive trading day, as buy interest from investors glean on Dangote Cement and 26 others.

The All-Share Index (ASI) expands by 145.17 absolute points, representing an increase of 0.36 per cent to close at 40,295.95 points. Similarly, the overall market capitalisation value gained N76 billion to close at N21.070 trillion.

The market gain was driven by price appreciation in medium and large capitalised stocks amongst which are; Dangote Cement, Ardova Plc, NASCON Allied Industries (NASCON), Dangote Sugar Refinery and May and Baker Nigeria.

Analysts at Afrinvest Limited said: "we believe the positive sentiment would be sustained till the close of the week."

Market sentiment, as measured by market breadth, was positive, as 27 stocks gained, relative to 20 losers. Niger Insurance, Omatek Ventures, Mutual Benefits Assurance and NASCON recorded the highest price gain of 10 per cent each, to close at 22 kobo, 22 kobo, 33 kobo and N15.95, respectively, per share. Ardova followed with a gain 9.75 per cent to close at N19.70, while NCR Nigeria rose by 9.69 per cent to close at N2.15, per share.

On the other hand, Oando led the losers' chart by 5.41 per cent, to close at N3.50, while UACN Property Development Company and Deap Capital Management and Trust followed with a decline of 4.76 per cent each, to close at 80 kobo and 20 kobo, respectively, per share.

Courteville Business Solutions shed 4.35 per cent to close at 22 kobo, while Wema Bank lost 4.11 per cent to close at 70 kobo, per share.

The total volume traded increased by 247.5 per cent to 1.166 billion units, valued at N7.97 billion, and exchanged in 5,591 deals. Transactions in the shares of UPDC Real Estate Investment Trust topped the activity chart with 755.008 million shares valued at N4.153 billion. AXA Mansard Insurance followed with 49.508 million shares worth N59.129 million, while Transnational Corporation of Nigeria (Transcorp) traded 44.269 million shares valued at N41.763 million.

Japaul Gold and Ventures traded 29.348 million shares valued at N34.044 million, while Sterling Bank transacted 26.206 million shares worth N51.849 million.

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