NGX: Dangote Cement stocks push market to positive close

Following the second tranche of Dangote Cement’s proposed share buyback, on Thursday, buying interest in the company’s stocks ensured the market closed higher

Precisely, the high cap stock recorded a 7.8 per cent increase in its share price at the end of trading activities on Thursday.

Consequently, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) advanced by 1.7 per cent to 38,585.52 basis points, the biggest gain since 29th April 2021.

Accordingly, the Month-to-Date gain increased to +1.8 per cent, while the Year-to-Date loss moderated to -4.2 per cent.
Investors gained N329.7 billion as the market capitalisation crossed over to the N20 trillion mark to close at N20.1 trillion.

As measured by market breadth, market sentiment was positive, as 20 tickers gained, relative to 12 losers.

On the performance chart, Total and Cutix recorded the most significant gains of the day having appreciated by 10.0 per cent and 9.8 per cent respectively, while AIICO Insurance and Sovereign Insurance topped the losers’ list with 8.7 per cent and 6.5 per cent decline recorded in their respective share value.

Sectoral performance was broadly positive as the Industrial Goods, Oil and Gas, Banking, and Consumer Goods indices recorded gains by 4.1 per cent, 3.1 per cent, 0.3 per cent and 0.1 per cent. In contrast, the Insurance index declined 1.9 per cent.

Activity at the local bourse was however unimpressive as the total volume of trades declined by 56.1 per cent to 203.11 million units, valued at N1.72 billion, and exchanged in 3,969 deals.

Sterling Bank was the most traded stock by volume at 22.49 million units, while GTCO was the most traded stock by value at N392.12 million.

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