Dangote Cement, others lift NSE’s index by 2.08 per cent

Heavy price gains recorded by most highly capitalised stocks especially Dangote Cement, yesterday, lifted the Nigeria Stock Exchange (NSE) All-share index by 2.08 per cent, reversing Monday’s losses.

This comes as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has left the Monetary Policy Rate at 14 per cent and other parameters unchanged for the 11th time running.

MPR was left at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent. The asymmetric corridor for the MPR was also left at +200/-500 basis points.

Specifically, at the close of trading yesterday, the All Share Index (ASI) was up by 674.27 absolute points, representing an increase of 2.08 per cent, closing at 33,114.44 points. Similarly, the market capitalisation increased by N242 billion to close at N12.089 trillion.

The improved performance was aided by the sterling performance of Dangote Cement and 25 other stocks.Analysts at Afrinvest Limited, said: “Today, we expect investors to take profits on some of the stocks that advanced yesterday, as we maintain our bearish outlook on the market over the near term.”

Market breadth closed positive, with 26 gainers against 20 losers. Law Union & Rock Insurance recorded the highest price gain of 10 per cent to close at 66 kobo, while Neimeth Pharmaceutical Company followed with a gain of 9.68 per cent to close at 68 kobo per share.

First Aluminium Nigeria gained 8.11 per cent to close at 40 kobo, while and Veritas Kapital Assurance and Wapic Insurance appreciated by 7.69 per cent each to close at 28 kobo, and 42 kobo per share, respectively.

On the other hand, Livestock led the losers’ chart by 8.77 per cent to close at 52 kobo per share. Japaul Oil and Maritime Services shed 8.33 per cent to close at 22 kobo, while Union Diagnostic & Clinical Services depreciated by 7.89 per cent to close at 35 kobo per share. Regency Alliance Insurance declined by 7.69 per cent to close at 24 kobo, and NPF Microfinance Bank also shed 5.77 per cent to close at N1.47 per share.

The total volume traded rose by 17.1 per cent to 222.96 million shares worth N3.28 billion, traded in 3,327 deals. Transactions in the shares of Zenith Bank topped the activity chart with 43.28 million shares valued at N923.64 million. International Breweries followed with 36.95 million shares worth N1.11 billion, while United Bank for Africa (UBA) traded 35.25 million shares valued at N291.52 million.Fidelity Bank traded 16.02 million shares valued at N26.33 million, while Diamond Bank transacted 10.1 million shares worth N11.96 million.