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NSE LIVE! Dangote Group lifts equities to N73bn gain

NSE LIVE! Dangote Group lifts equities to N73bn gain

After three consecutive negative trading sessions, Nigeria’s largest industrial group-Dangote Group, helped to break the downtrend at the Nigerian equities market as investors sought out three major companies within the group.

With continuing strong underlying sell pressure, gains by the flagship company of the Dangote Group and Nigeria’s most capitalised quoted company, Dangote Cement and two other companies within the group-Dangote Sugar Refinery (DSR) and Nascon Allied Industries boosted the overall market position.

Dangote Cement led the gainers with a gain of N5.80 to close at N219.80 while Dangote Sugar Refinery and Nascon Allied Industries appreciated by 20 kobo each to close at N13 and N12.20 respectively.

With 28 decliners to 15 advancers, the gains by the large-cap quoted companies nudged the market to a net capital gain of N73 billion, representing a day-on-day average gain 0.59 per cent. This simultaneously nudged the average year-to-date return to 35.13 per cent.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose to N12.517 trillion as against its opening value of N12.444 trillion. The All Share Index (ASI)-the common value-based index that tracks prices of equities appreciated from its opening index of 36,102.38 points to close at 36,316.58 points.

Most sectoral indices closed positive, indicating the influence of the large-cap sectoral leaders. The NSE Industrial Goods Index recorded above average gain of 0.9 per cent. The NSE Insurance Index rose by 0.3 per cent while the NSE Banking Index inched up by 0.1 per cent. On the downside, the NSE Oil & Gas Index declined by 1.2 per cent while the NSE Consumer Goods Index dipped by 0.4 per cent.

Read also: NSE LIVE! Equities lose N342b as downtrend worsens

Other top gainers included Flour Mills of Nigeria, which rose by N1.36 to close at N28.89. Total Nigeria rose by N1.11 to close at N228.11. Zenith Bank appreciated by 51 kobo to close at N23.01. Fidson Healthcare rose by 15 kobo to close at N3.15 while May & Baker Nigeria chalked up 14 kobo to close at N2.95 per share.

On the negative side, Mobil Oil Nigeria led the decliners with a drop of N11.84 to close at N225.06. Nestle Nigeria lost N10 to close at N1,210. Guinness Nigeria dropped by N2.96 to close at N85. Nigerian Breweries declined by N1 to close at N184. Lafarge Africa dipped by 50 kobo to close at N58.50 per share. Cement Company of Northern Nigeria dropped by 48 kobo to close at N9.67. Oando dipped by 27 kobo to close at N6.86. Eterna lost 22 kobo to close at N3.44 while Access Bank and United Bank for Africa dropped by 20 kobo each to close at N9.73 and N9.30 respectively.

Total turnover stood at 225.14 million shares valued at N5.48 billion in 5,110 deals. Financial services stocks were the most active. Custodian and Allied was the most active stock with 30.3 million shares worth N115.07 million. Zenith Bank followed with 25.97 million shares worth N597.39 million while Guaranty Trust Bank ranked third with 24.72 million shares valued at N924.82 million.

“Today (Thursday)’s market performance was largely driven by bargain hunting in market bellwethers following three consecutive days of decline. Hence, we expect the market to trade in similar trend tomorrow (Friday),” Afrinvest Securities stated.

 

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We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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