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Dangote Cement, 10 Others Halts Stock Bearish Sentiment

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The domestic equities yesterday rebounded to post a gain of 9.41 percent, following investors’ buying interest in Dangote Cement and 10 others.

Accordingly, the All-Share- Index (ASI) grew by 158.97 absolute points, representing an increase of 0.41 percent to close at 38,720.81 points. While the overall market capitalisation value gained N83 billion to close at N20.259 trillion. Consequently, the Month-to-Date and Year-to-Date losses moderated to 2.7 percent and 3.9 percent, respectively.

Meanwhile, yesterday’s market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Guinness Nigeria, MTN Nigeria Communications (MTNN), Vita Foam Nigeria and GlaxoSmithKline Consumer Nigeria.

On market performance, analysts at Afrinvest Limited said, “We anticipate that gains would not be sustained in subsequent trading sessions as sentiment towards the market remains weak.”

As measured by market breadth, market sentiment was negative, as 20 stocks lost relative to 11 gainers. Guinness Nigeria and Regency Alliance Insurance recorded the highest price gain of 10 percent each, to close at N25.30 and 33 kobo, respectively, while Jaiz Bank followed with a gain 9.68 percent to close at 68 kobo per share.

Vitafoam Nigeria went up by 5.44 percent to close at N7.75, while Livestock Feeds appreciated by 3.83 percent to close at N1.90 per share. On the other hand, Wapic Insurance led the losers’ chart by 9.09 percent to close at 50 kobo, per share. Africa Prudential followed with a decline of 8.26 percent to close at N5.00, while Fidelity Bank declined by 6.69 percent to close at N2.23 per share.

Ecobank Transnational Incorporated (ETI) lost 5.83 percent to close at N4.85, while Guaranty Trust Bank shed 4.84 percent to close at N28.50 per share.

Also, the total volume traded rose by 19.7 percent to 220.857 million shares, worth N4.206 billion, and traded in 4,192 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 24.407 million shares valued at N171.573 million. Access Bank followed with 19.132 million shares worth N148.117 million, while Mutual Benefits Assurance traded 17.877 million shares valued at N6.852 million.

AXA Mansard Insurance traded 17.446 million shares valued at N17.280 million, while Guaranty Trust Bank transacted 16.33 million shares worth N470.572 million.

 

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