Gains in Dangote Cement shares push market to positive close

Trading in the domestic bourse edged a positive performance in Wednesday’s session, as the All-Share Index notched a four basis points gain to close at 43,477.48 basis points.

Precisely, bargain hunting in Dangote Cement supported the market’s performance as the share price of the cement manufacturer appreciated by 0.6 per cent. Consequently, the Month-to-Date loss and Year-to-Date returns settled at -0.8 per cent and +1.8 per cent, respectively.

As measured by market breadth, market sentiment was positive as 12 tickers gained relative to 11 losers. On the performance board, Unity Bank and Linkage Assurance topped the gainers’ list having appreciated in value by 9.1 per cent and 7.7 per cent respectively; while Honeywell Flour Mills and Prestige Insurance recorded the most significant losses of the day after their respective share prices depreciated by 9.1 per cent and 8.7 per cent.

Sectoral performance was mixed as the Oil & Gas, Insurance and Consumer Goods indices declined by 0.7 per cent, 0.4 per cent, and 0.2 per cent; while the Industrial Goods index advanced by 0.3 per cent. The Banking index closed flat.

Meanwhile, activities at the local bourse on Wednesday were unimpressive as the total volume traded declined by 46.6 per cent to 133.41 million units, valued at N1.81 billion, and exchanged in 3,078 deals.

FBN Holdings was the most traded stock by volume at 30.38 million units, while Dangote Cement was the most traded stock by value at N318.11 million.

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