NGX indices up by 1.3% on Dangote Cement gain

Weekly report: Transcorp, GTCO, Access sustain equity market’s upward trend 

Ngx indices up by 1. 3% on dangote cement gainTransactions on the Nigerian Exchange Ltd. (NGX) on Monday continued on positive territory, following sustained buy interest in Dangote Cement and 41 other stocks.

The market capitalisation gained N673 billion or 1.3 per cent to close at N52.408 trillion, compared with 51.735 trillion recorded at the previous session.

Similarly, the All-Share Index (ASI) gained 1,200 points to closed at 94,538.12 as against 95,768.12 posted on Friday.

Consequently, the Year-To-Date (YTD) return rose to 28.08 per cent.

Also, investors traded 721.81 million shares valued at N14.41 billion and exchanged in 15,757 deals.

Stocks of industries and tier-one banks; such as Dangote Cement, First City Monumental Bank (FCMB) and United Capital (UCAP) kept the market in the positive terrain.

BRANDPOWER reports that Dangote Cement shares substantial increased, leading to a market capitalisation of N10.095 trillion.

The increase represents significant milestone as the first Nigerian company to achieve this valuation.

Its share price rose from N319.9 at the beginning of the year to N592.6 at the close of trading on Monday.

However, market breadth closed negative with 44 laggards outnumbered 42 advanced stocks.

Meanwhile, Sunu Assurances led the gainers’ chart by 10 per cent to close at N1.98, followed by Dangote Cement which gained 99 per cent to close at N592.60 per share.

Tripple Gee & Company Ltd., gained 9.81 per cent to close at N2.35, while Eterna Plc grew by 9.80 per cent to close at N25.20 per share.

Cutix Plc advanced by 8.89 per cent to close at N2.94 per share.

On the loosers’ chart, UPL Ltd., McNichols Plc, Cadbury Nigeria, Sovereign Trust Insurance and FlourMill Nigeria Plc declined in percentage terms of 10 each to close at N3.60, N1.62, N26.10, 54k and N42.30 per share, respectively.

Analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 10.91 per cent.

Also, on the activities’ chart, Transcorp led in volume by 66.52 million shares valued at N1.230 billion.

Veritas Kapital followed by 47 million shares valued at N34.91 million, while Access Holdings traded 40.01 million shares worth N1.17 billion.

Universal Insurance Plc sold 38.88 million shares valued at N19.198 million and JapaulGold traded 32.82 million shares valued at N84.64 million.