NGX: Index hits 44,000 mark on Dangote Cement surge

The upturn was impacted by gains recorded in large and medium capitalised stocks.

News Agency of Nigeria • January 12, 2022

Nigerian Exchange [Photo Creadit: Business Live Nigeria]

The bulls resurfaced on the Nigerian Exchange Ltd. on Wednesday, with the All-Share Index hitting the 44,000 mark following investors’ interest in Dangote Cement and 23 others.

Specifically, the All-Share Index inched higher by 749.52 points or 1.71 per cent to close at 44,608.82 from 43,859.30 achieved on Tuesday.

Also, the market capitalisation rose by N404 billion or 1.71 per cent to close at N24.034 trillion against N23.630 trillion posted on Tuesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Seplat Energy, Dangote Cement, MTN Nigeria Communications (MTNN), BUA Foods and Guinness.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the huge rally to reactions of market players to Dangote Cement share buyback notification.

Mr Omordion added that buying interest in telecoms giant MTNN and dividend-paying stocks that witnessed profit-taking, which created buy entry opportunities for discerning investors contributed to the rally.

Analysts at Afrinvest Ltd. anticipated an extended bullish run as more investors positioned ahead of full-year 2021 corporate earnings releases.

Market sentiment was positive with 24 gainers relative to 15 losers.

A breakdown of the price movement table shows that academy Press and Jaiz Bank topped the gainers’ chart with 10 per cent each to close at 66k per share each.

United Bank followed with a gain of 8.70 per cent to close at 50k per share.

Sovereign Trust Insurance improved by 8.33 per cent to close at 26k, while Mutual Benefits Assurance appreciated by 7.41 per cent to close at 29k per share.

On the other hand, Consolidated Hallmark Insurance and Regency Alliance Insurance led the losers’ chart in percentage terms by 8.70 per cent each to close at 63k and 42k per share, respectively.

SUNU Assurance followed with 8.11 per cent to close at 34k per share.

AIICO Insurance lost 3.70 per cent to close at 78k, while Neimeth International Pharmaceuticals shed 3.23 per cent to close at N1.80 per share.

The total volume traded decreased by 9.6 per cent with an exchange of 266.33 million units valued at N3.82 billion exchanged in 4,502 deals.

This was in contrast with 294.54 million shares worth N6.77 billion traded in 4,501 deals on Tuesday.

Transcorp topped the activity chart with 89.02 million shares valued at N89.87 million.

FBN Holdings followed with 30.49 million shares worth N365.67 million, while Jaiz Bank traded 14.20 million shares valued at N8.97 million.

Sterling Bank sold 11.69 million shares worth N17.70 million, while Guaranty Trust Holding Company transacted 9.83 million shares worth N250.32 million.

(NAN)

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