Investors gain N851bn as local stock market opens week bullish

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AT the close of the first trading in the week, domestic equities market index closed higher by 2.48 percent, propelled mainly by investors’ appetite in Dangote Cement shares.

The All Share Index (ASI) of the Nigerian Exchange Limited (NGX) gained 2.48 percent to close at 64,603.69 basis points, the highest point since March 17, 2008.

Basically, Dangote Cement benefited from its share buyback programme, thus appreciating in share value by 10.0 percent.

Consequently, the year-to-date (YTD) return rose to 26.05 percent on Monday.

Equities investors therefore earned N850.97 billion cumulatively as the market capitalisation gained settled at N35.18 trillion at the end of the day’s trading activities.

Asides Dangote Cement, several mid- and large-cap stocks such as MRS, Conoil, Eterna, FBN Holdings, Transnational Corporation, United Bank for Africa and MTN Nigeria Communication were among investors’ toast as their respective share prices rose by 10.00 percent, 9.97 percent, 9.86 percent, 9.85 percent, 8.96 percent, 4.93 percent and 1.82 percent.

Sectoral performance was positive as four of the five indices tracked closed in the green zone. The NGX Banking, NGX Insurance, NGX Oil/Gas, and NGX Industrial indices rose by 1.73 percent, 4.18 percent, 2.61 percent and 5.13 percent, respectively. On the flip side, the NGX Consumer Goods index fell by 0.18 percent due to sell-offs in brewery and FMCG stocks.

Meanwhile, market activity improved with total deals, volume and value increasing by 40.33 percent, 49.80 percent and 59.11 percent, respectively to 10.393 trades, N1.84 billion units and N22.03 billion.

In terms of volume, FBN Holdings emerged as the most actively traded stock with 198.22 million shares worth N4.42 billion changing hands in 425 deals.

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