Friday, August 12Inside Business Africa

Dangote Cement, 20 others lift capitalization by N36 billion

Trading activities on the Nigerian Exchange Limited (NGX) extended bullish run to two consecutive trading sessions yesterday, as investors’ wealth appreciated by N36 billion.

Yesterday’s improved performance was spurred by investors’ sustained appetite in the shares of Dangote Cement and 20 others. The all-share index (ASI) increased by 70.22 absolute points, representing a growth of 0.18 per cent to close at 39,382.96 points while market capitalisation value gained N36 billion to close at N20.527 trillion.

Analysts at Afrinvest Limited said: “In the next trading session, we expect the recent price appreciation of some large-cap stocks to trigger profit-taking by speculative investors.”

As measured by market breadth, market sentiment was positive, as 21 stocks gained, relative to 17 losers. Meyer Plc recorded the highest price gain of 9.62 per cent to close at 57 kobo.

Presco followed with a gain of 9.58 per cent to close at N78.90 while UPDC Real Estate Investment Trust rose by 9.21 per cent to close at 83 kobo.

Africa Prudential rose by 9.17 per cent to close at N6.55 kobo while Unity Bank appreciated by 9.09 per cent to close at 60 kobo.
On the other hand, Regency Alliance Insurance led the losers’ chart by 8.82 per cent, to close at 31 kobo. Honeywell Flour Mill followed with a decline of 5.83 per cent to close at N1.13 kobo while Cutix Plc shed 4.98 per cent to close at N2.10 kobo.

United Capital shed four per cent to close at N5.76 kobo, while Wapic Insurance depreciated by 3.77 per cent to close at 51 kobo.
Meanwhile, the total volume of trades decreased by 8.5 per cent to 296.60 million units, valued at N3.36 billion, and exchanged in 4,265 deals.

Transactions in the shares of Access Bank topped the activity chart with 58.559 million shares valued at N494.147 million. UAC of Nigeria (UACN) followed with 38.274 million shares worth N394.223 million.

Fidelity Bank traded 27.151 million shares valued at N62.356 million. Zenith Bank traded 26.422 million shares valued at N609.739 million, while Transnational Corporation of Nigeria (Transcorp) transacted 15.626 million shares worth N14.180 million.

Source: Guardian

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