Nigerian Stocks Gain N565bn

Stocks in Nigeria recovered from the early losses in the week yesterday, with a gain of N565 billion due to purchase interest in Dangote Cement Plc and others.

As a result, the All-Share Index gained 1,037.43 points, or 1.62%, to close at 65,204.82 points. At the same time, the total market capitalization increased by N565 billion to N35.484 trillion.

Rising earnings from major and medium-capitalized firms like Dangote Cement, FBN Holdings (FBNH), MTN Nigeria Communications (MTNN), Guaranty Trust Holding Company (GTCO), and Chellaram impacted the market's positive performance.

Investor sentiment, as assessed by market breadth, ended positive, with 23 equities gaining while 19 declined. Chellaram had the largest price rise of 10%, closing at N4.40 per share. 

Top Gainers: SCOA Nigeria gained 9.35% to close at N1.17, while Dangote Cement gained 9.34% to close at N349.90 a share.

• Thomas Wyatt Nigeria gained 9.32% to end at N1.29, while Guinea Insurance, Cornerstone Insurance, Universal Insurance, and Caverton Offshore Support Group each gained 9.09% to conclude at 36 kobo, N1.08, 24 kobo, and N1.44 a share, respectively.

Top Losers: Chemical and Allied Products (CAP), on the other hand, topped the losers' chart by 10%, closing at N19.80 a share. Dangote Sugar Refinery declined 6.63% to close at N32.40 a share, while Academy Press was down 9.36% to close at N2.13.

• GlaxoSmithKline Consumer Nigeria was down 6.60% to N9.20, while Chams Holding Company fell 5.05% to N94 kobo per share.

Total Trade: The overall amount of trading increased by 51.74% to 361.197 million units worth N5.744 billion and traded in 5,531 transactions. With 140.18 million shares valued at N2.609 billion, transactions in FBNH shares topped the activity table. Fidelity Bank was second, with 21.559 million shares worth N165.187 million, and Universal Insurance was third, with 18.707 million shares for N4.211 million.

Transnational Corporation (Transcorp) traded 17.307 million shares for N62.607 million, while United Bank for Africa (UBA) did the same with 13.082 million shares worth N188.991 million.