Dangote Cement, MTN Drive Rally As NGX Gains N1.93 Trillion

The Nigerian Stock Exchange (NGX) continued its positive trajectory on Tuesday, recording significant gains that pushed investors’ pockets N1.93 trillion heavier.

Specifically, the market capitalization closed at a robust N45.523 trillion, reflecting a substantial N1.93 trillion increase (or 4%) compared to the N43.597 trillion recorded on Monday.

Consequently, the benchmark All-Share Index surged by 4% or 2,867.31 points to settle at 83,191.84, up from 80,324.53 recorded the previous day. This performance further strengthened the Year-To-Date (YTD) return, pushing it to 11.26%.

Analysis of market activities revealed a higher trade turnover compared to the previous session, with the value of transactions rising by an impressive 61.77%.

Buying interest in stocks like Dangote Cement, MTN Nigeria, and BUA Foods emerged as the primary driving forces behind the positive performance.

Overall, 1.41 billion shares valued at N24.68 billion were traded across 17,144 deals.

Fidelity Bank topped the activity chart in terms of volume, trading 141.75 million units valued at N1.96 billion. First City Monumental Bank (FCMB) followed closely, exchanging 128.97 million shares at N1.48 billion, while United Bank of Africa (UBA) transacted 117.71 million shares for N3.8 billion.

Transcorp sold 108.34 million shares valued at N1.6 billion, and Access Holdings traded 85.21 million shares worth N2.52 billion.

On the gainers’ chart, Guinea Insurance, Cadbury, FTN Cocoa Processors, First Bank of Nigeria Holdings, and Universal Insurance led the pack, each recording a 10% gain to close at 44k, N18.15, N2.20, N28.60, and 33k per share, respectively.

Conversely, Total led the losers’ table, shedding 10% to close at N346.50. Daar Communications followed with a 9.40% loss to close at N1.06, while RT Briscoe declined 8.45% to settle at 65k. SUNU Assurance also dipped 7.69% to close at N1.20, and Prestige lost 7.41% to close at 50k.

Despite the pockets of red on the losers’ table, the market breadth remained positive, with 67 equities trading on the gainers’ table compared to only 13 on the losers’ table.