Business News

Demand for Dangote Cement, MTN Stocks Revives Market by 0.42%

By Dipo Olowookere

The bulls staged a coup against the bears on the floor of the Nigerian Exchange (NGX) Limited, lifting the local bourse by 0.42 per cent at the close of transactions on Friday.

The bears had tightened their grip on Customs Street since the beginning of this week until power changed hands yesterday as a result of bargain-hunting in Dangote Cement, MTN Nigeria and others.

The industrial goods sector closed higher by 1.56 per cent on Friday, and the banking index appreciated by 0.06 per cent.

The duo offset the 1.90 per cent loss printed by the insurance counter and the 0.16 per cent fall recorded by the consumer goods sector. The energy space, on its part, closed flat.

The selling pressure consequently raised the All-Share Index (ASI) by 272.13 points to 64,721.09 points from 64,448.96 points, as the market capitalisation grew by N149 billion to N35.422 trillion from N35.273 trillion.

A total of 537.6 million stocks worth N9.4 billion exchanged hands in 5,893 deals during the trading session compared with the 320.4 million stocks worth N3.7 billion transacted on Thursday in 5,176 deals, representing an increase in the trading volume, value and the number of deals by 67.79 per cent, 154.05 per cent, and 13.85 per cent apiece.

FBN Holdings was the busiest stock on Friday after trading 242.9 million units for N4.7 billion, followed by Transcorp with the sale of 49.5 million units for N206.0 million. GTCO traded 29.7 million units valued at N1.1 billion, UBA exchanged 26.5 million units worth N370.8 million, and FTN Cocoa sold 18.8 million units worth N38.5 million.

Business Post observed that despite the positive outcome of the NGX yesterday, investor sentiment was fragile, as the exchange closed with 32 price losers and 17 price losers, indicating a negative market breadth index.

John Holt gained 9.85 per cent to sell at N1.45, Consolidated Hallmark Insurance grew by 8.24 per cent to 92 Kobo, University Press chalked up 6.67 per cent to quote at N2.40, CWG rose by 5.56 per cent to N3.80, and Prestige Assurance expanded by 3.85 per cent to 54 Kobo.

Conversely, Guinea Insurance was on a downward trend at the session as it fell by 9.38 per cent to 29 Kobo, Tantalizers tripped by 9.09 per cent to 40 Kobo, Universal Insurance slipped by 8.70 per cent to 21 Kobo, Champion Breweries drowned 8.24 per cent to N3.12, and FTN Cocoa slumped by 8.04 per cent to N2.06.

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