Dangote Cement, First Holdco Lift Nigerian Exchange by 0.92%

The bulls resurfaced to the Nigerian Exchange (NGX) Limited on Friday on the back of demand pressure on a few large-cap equities.

The buying interest lifted the bourse by 0.92 per cent during the session, with the market capitalisation gaining N1.471 trillion to N160.519 trillion from N159.048 trillion, and the All-Share Index (ASI) up by 2,265.33 points to 247,222.27 points from 244,956.94 points.

Yesterday, the industrial goods index increased by 3.68 per cent, the banking counter expanded by 2.57 per cent, the insurance space appreciated by 0.17 per cent, and the consumer goods sector grew by 0.05 per cent, while the energy index shrank by 2.51 per cent.

Business Post reports that Dangote Cement surged by 10.00 per cent to N1,111.00, First Holdco also soared by 10.00 per cent to N144.10, Guinea Insurance jumped by 9.41 per cent to 93 Kobo, Fidelity Bank leapt by 9.09 per cent to N24.00, and FTN Cocoa climbed by 5.60 per cent to N7.92.

On the flip side, Livestock Feeds lost 9.79 per cent to trade at N17.05, Tripple Gee deflated by 8.74 per cent to N2.82, UPDC REIT tripped by 8.14 per cent to N17.50, HBM Nigeria crashed by 7.65 per cent to N350.00, and Neimeth dipped by 6.58 per cent to N7.10.

Investor sentiment was weak yesterday despite the positive outcome, as the stock exchange finished with 23 price gainers and 25 price losers, indicating a negative market breadth index.

The most active stock for the session was Multi-Trex, with a turnover of 246.8 million units valued at N162.9 million. Livestock Feeds sold 46.8 million units worth N875.6 million, Lasaco Assurance traded 23.8 million units for N41.3 million, Sovereign Trust Insurance exchanged 21.5 million units valued at N42.1 million, and Stanbic IBTC transacted 19.8 million units worth N3.2 billion.

At the close of business, market participants transacted 611.7 million units for N23.1 billion in 33,585 deals, in contrast to the 360.8 million units worth N20.3 billion executed in 31,401 deals on Thursday, showing a rise in the trading volume, value, and number of deals by 69.54 per cent, 13.79 per cent, and 6.96 per cent, respectively.

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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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