Business

Rally in Dangote Cement, FCMB sustains equities market on bullish run

Opening the week, the equities trading at the Nigerian Exchange Limited (NGX) extended gains from last week as the benchmark index closed 1.30 percent stronger to settle at 95,768.12 basis points.

Specifically sustained buy interest in industrial heavyweights, Dangote Cement, alongside FCMB Group and United Capital kept the market in the green, as these companies’ stock prices appreciated by 9.99 percent, 2.36 percent and 0.42 percent, respectively.

As a result, the year-to-date (YTD) return rose to 28.08 percent.

Equities investors therefore, cumulatively gained N673.10 billion on Monday as the market capitalization settled at N52.41 trillion by the end of trading activities on Monday.

As measured by market breadth, market sentiment was however negative as 45 tickers lost relative to 24 gainers.

On the performance board, Flour Mills of Nigeria and University Press Limited recorded the most significant losses of the day after their respective share prices dipped by 10.0 percent while Sunu Assurance and Dangote Cement topped the gainer’s list as their share prices appreciated by 10.0 percent, respectively.

Sectoral performance was mixed, as the Industrial Goods and Oil & Gas indices advanced by 5.2 percent and 0.6 percent, respectively, while the Insurance, Consumer Goods and Banking indices declined by 2.5 percent, 1.5 percent and 0.9 percent, respectively.

Analysis of market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 10.91 percent.

A total of 721.81 billion shares valued at N14.41 billion were exchanged in 15,757 deals. Transnational Corporation led the volume chart with 66.52 million units traded while Nestle Nigeria led the value chart with deals worth N1.97 billion.

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