By Nse Anthony-Uko
(Sundiata Finance) – After three consecutive days of declines, the gains recorded in Dangote Cement share price rebounded the Nigerian stock market as it gained 0.59 per cent, on Thursday.
In summary, the All Share Index (ASI) gained 214.20 absolute points, representing a growth of 0.59 per cent to close at 36,316.58 points. Similarly, the market capitalisation rose by N73 billion, to close at N12.517 trillion.
The upturn in the market was largely due to bargain hunting in Dangote Cement, Flourmill, Total, Zenith Bank and Dangote Sugar.
Analysts at Afrinvest Limited said, “Yesterday’s market performance was largely driven by bargain hunting in market bellwethers following three consecutive days of decline. Hence, we expect the market to trade in similar trend today.”
Market breadth still negative, with 15 gainers versus 28 losers. Fidson recorded the highest price gain of five per cent, to close at N3.18 per share. May and Baker followed with a gain of 4.98 per cent to close at N2.95, while Flourmill and Livestock appreciated by 4.94 per cent each, to close at N28.89 and 85 kobo per share, respectively. Continental Reinsurance went up by 4.84 per cent, to close at N1.30 per share.
On the other hand, Eterna led the losers’ chart by five per cent, to close at N3.44 per share. Mobil Nigeria followed with a decline of 4.98 per cent to close at N225.06, while Nahco depreciated by 4.96 per cent to close at N3.12 per share.
CCNN declined by 4.93 per cent, to close at N9.67 and Cutix declined by 4.89 per cent to close at N2.10 per share.
Also, the total volume traded appreciated marginally by 0.2 per cent to 225.14 million shares, worth N5.48 billion, and traded in 5,110 deals. Transactions in the shares of Custodian and Allied insurance topped the activity chart with 30.30 million shares valued at N115.1 million. Zenith Bank followed with 25.97 million shares worth N597.39 million, while Guaranty Trust Bank traded 24.72 million shares valued at N924.82 million.
FBN Holdings traded 14.62 million shares valued at N87.04 million, while FCMB Groups sold 14.1 million shares worth N15.72 million.
Dangote Cement Lifts NSE As Stock Market Gains 0.59%
By Nse Anthony-Uko