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Dangote Cement Boosts Stock Market Performance, Up 0.06%

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The Nigerian equities market commenced the trading week, yesterday on a positive note with gains recorded in Dangote Cement’s shares to end the prior week negative stand. In summary, the All Share Index (ASI) gained 22.34 absolute points, representing a growth of 0.06 per cent to close at 37,647.93 points.

Similarly, the market capitalisation gained N8 billion to close at N13.638 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flourmill Nigeria, Forte Oil, Cement Company of Northern Nigeria (CCNN) and Julius Berger.

Justifying the upturn, analysts at United Capital Plc, stated that “we expect investors to take position ahead of the first half, 2018 earnings declaration.”

However, market breadth closed on the negative, with 20 gainers versus 25 losers. Caverton Offshore Support Group recorded the highest price gain of 9.95 per cent, to close at N2.21 per share. CI Leasing followed with a gain of 9.78 per cent to close at N2.47, while First Aluminium appreciated by 7.89 per cent to close at 41 kobo per share.

Champion Breweries rose by 7.54 per cent to close at N2.14, while Capital Oil gained 6.67 per cent to close at 32 kobo per share.

On the other hand, Unity Bank led the losers’ chart by 9.01 per cent, to close at N1.01 per share. Multiverse Mining and Exploration shed 8.33 per cent to close at 22 kobo, while Dunlop Nigeria depreciated by 6.90 per cent to close at 27 kobo per share.  Nascon Allied Industries declined by 5.28 per cent to close at N20.65 and Jaiz Bank also shed 4.55 per cent to close at 63 kobo per share.

Total volume traded declined by 51.45 per cent to 155.17 million shares, worth N1.99 billion, and traded in 3,422 deals. Transactions in the shares of Access Bank topped the activity chart with 21.67 million shares valued at N225.6 million. Zenith Bank followed with 13.92 million shares worth N341.22 million, while FBN Holdings traded 12.71 million shares valued at N133.06 million.

Transnational Corporation of Nigeria (Transcorp) traded 11.57 million shares valued at N14.76 million, while United Bank for Africa (UBA) transacted 11.1 million shares worth N114.79 million.



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