Dangote cement, NASCON others lift NSE index further by 1.58%

Price gains recorded by most blue chip stocks especially Dangote cement and National Salt Company of Nigeria (NASCON), yesterday buoyed transactions on the trading floor of the Exchange, even as the index rose further by 1.58 per cent.

Specifically, at the close of transactions yesterday on the equity sector of the Nigerian Stock Exchange (NSE), the All Share Index (ASI) gained 606.82 points, representing a growth of 1.58 per cent to close at 39,042.11 points from 38,435.29 achieved on Wednesday.

Similarly, the market capitalisation closed at N14.142 trillion, representing N220 billion gain from N13.922 trillion recorded on Wednesday.

The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nascon Allied Industries, Lafarge Africa, International Breweries and Stanbic IBTC.

Analysts at APT Securities and Funds Limited said that gains so far continue to be dominated by big capitalised stocks in Industrial, Consumer Goods and Banking sector, saying “we expect the market to end the trading week bullish.”

Market breadth closed positive, with 29 gainers versus 19 losers. Nascon Allied Industries recorded the highest price gain of 10.07 per cent, to close at N22.40 per share. Japaul Oil followed with a gain of 7.41 per cent to close at 29 kobo, while Cadbury Nigeria appreciated by 4.78 per cent to close at N12.05 per share.

C&I Leasing rose by 4.76 per cent to close at N1.54, while Lafarge Africa gained 4.74 per cent to close at N39.80 per share.

On the other hand, Eterna led the losers’ chart by 4.96 per cent, to close at N6.90, while Continental Reinsurance shed 4.67 per cent to close at N1.43, per share.

Prestige Assurance and RT Briscoe depreciated by 4.17 per cent each to close at 46 kobo each, per share, while Niger Insurance declined by 3.85 per cent to close at 26 kobo, per share.

The total volume traded appreciated by 25.16 per cent to 490.05 million shares, worth N7.62 billion, and traded in 4,726 deals. Transactions in the shares of Wapic Insurance topped the activity chart with 118.39 million shares valued at N62.63 million.

Guaranty Trust Bank followed with 106.1 million shares worth N4.46 billion, while Diamond Bank traded 33.73 million shares valued at N54.9 billion.
FBN Holdings traded 30.75 million shares valued at N338.1 million, while Fidelity Bank transacted 27.75 million shares worth N64.2 million.