NGX: NEM, Honeywell Flour, Dangote Sugar, NASCON boost equities market as investors gain N403bn

The Nigerian equities market got off to a good start on Monday, March 11, 2024 as investors raked in N403bn in profits following strong performances from stocks like NEM Insurance, Honeywell Flour, Dangote Sugar, NASCON and others.

This is even as the NGX-All-Share Index (ASI) increased to 102,044.84 from 101,330.85 recorded at the close of the previous trading day on the bourse.

Similarly, the market capitalization increased today by N403.69 billion to N57.697 trillion from N57.293 trillion recorded at the close of the previous trading day.

The market breadth was positive as 34 stocks advanced, 16 stocks declined, while 69 stocks remained unchanged in 11,344 deals.

Honeywell Flour Mills and NEM Insurance Plc led other gainers with 10% growth each to close at N3.74 and N6.05 from their previous price of N3.40 and N5.50 respectively. Dangote Sugar Refinery, NASCON Allied Industries, and Wema Bank Plc are amongst other gainers that also grew their share prices by 9.97%, 9.92%, and 9.79% respectively.

READ ALSO: NSE: Market capitalization falls by 0.11% as investors lose N20bn

On the flipside, Prestige Assurance Plc led other price decliners as it shed 10% off its share price to close at N0.54, from its previous close of N0.60. LASACO Assurance, UAC Nigeria, and RT Briscoe Plc are amongst other losers that also shed their share prices by 9.83%, 9.68%, and 8.16% respectively.

On the volume index, Guaranty Trust Bank Holding (GTCO) Plc traded 96.631 million units of its shares in 493 deals, valued at N4.024 billion followed by Transcorp Plc which traded 73.860 million units of its shares in 876 deals, valued at N1.231 billion and Access Bank Holding Plc which traded 48.089 million units of its shares in 585 deals, valued at N988.350 million.

On the value index, TRANSPOWER recorded the highest value for the day trading equities worth N5.929bn in 1,532 deals followed by GTCO which traded stocks worth N4.023bn in 493 deals and TRANSCORP which traded equities worth N1.230bn in 876 deals.

By Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now