Equities Market Gains N87bn On Defensive Stocks

The Nigerian equities market extended its bullish run as investors’ investments rose by N87 billion on gains in Dangote Cement Plc and 24 others.

The All-Share Index rose by 135.97 points, representing a gain of 0.06 per cent, to close at 218,249.81 points. Similarly, the overall market capitalisation value gained N87 billion to close at N140.523 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Dangote Cement, Lafarge Africa, NASCON Allied Industries, UACN and Chemical and Allied Products (CAP).

On market outlook, Cowry Assets Managemnet Limited said, “looking ahead to Wednesday’s session, the market is likely to maintain its bullish bias, supported by continued investor positioning ahead of expected full-year dividend announcements, which typically drive accumulation during this period.”

Market breadth remained negative, with 25 gainers against 43 decliners. NASCON Allied Industries recorded the highest price gain of 10 per cent to close at N171.60, per share. Union Dicon Salt followed with a gain of 9.92 per cent to close at N19.95, per share, while Lafarge Africa rose by 9.64 per cent to close at N273.00, per share.

Trans-Nationwide Express appreciated by 8.27 per cent to close at N7.20, while UACN rose by 7.84 per cent to close at N110.00, per share.

On the other hand, Legend Internet led the losers’ chart by 9.92 per cent to close at N5.63, per share. Abbey Mortgage Bank followed with a decline of 9.59 per cent to close at N6.60, while Stanbic IBTC Holdings shed 8.96 per cent to close at N154.50, per share.

Access Holdings shed 8.83 per cent to close at N29.95, while Veritas Kapital Assurance lost 7.50 per cent to close at N1.85, per share.

Meanwhile, the total volume of trade declined by 18.20 per cent to 842.476 million units, valued at N44.862 billion, and exchanged in 61,617 deals. Transactions in the shares of Access Holdings topped the activity chart with 110.813 million shares valued at N3.552 billion. FCMB Group followed with 57.651 million shares worth N751.491 million, while Fidelity Bank traded 44.809 million shares valued at N1.004 billion.

Zenith Bank traded 44.163 million shares valued at N5.507 billion, while United Bank for Africa (UBA) transacted 43.577 million shares worth N2.192 billion.