Dangote Cement drives N58bn stock market gain
Despite the fact that trading on the floor of the Nigerian Stock Exchange on Tuesday was characterised by sell-offs across sectors, the negative impact was offset by buying interest in some large cap stocks, especially that of Dangote Cement Plc.
As a result, the NSE All-Share Index appreciated by 0.38 per cent to close at 42,148.40 basis points from 41,987.74 basis points while the year-to-date return appreciated to 10.2 per cent.
By implication, investors gained N58bn as equities capitalisation rose to N15.125tn from N15.067tn.
The positive performance can be attributed to gains in Dangote Cement, which gained 3.5 per cent. The benchmark index would have lost 0.84 per cent ex-Dangote Cement. Activity level strengthened as volume and value traded rose by 77.7 per cent and 102.6 per cent to 510.282 million units and N4.631bn, respectively.
Sector performance was largely bearish as all indices, save for the industrial goods index which rose by 1.6 per cent on the back of gains in Dangote Cement, closed on negative notes. The oil/gas index declined the most, down by 1.3 per cent following losses in Total Nigeria Plc and Conoil Plc, which shed five per cent and 9.7 per cent, respectively.
In the same vein, the banking index slumped by one per cent as major banking stocks like Zenith Bank Plc and Guaranty Trust Bank Plc dipped respectively by 0.8 per cent and 0.5 per cent.
The consumer goods and insurance indices fell by 0.1 per cent and 0.4 per cent consequent on price depreciation in International Brewery Plc, Nigerian Breweries Plc, Wapic Insurance Plc and Linkage Assurance Plc, which recorded respective decline of five per cent, 0.7 per cent, 4.6 per cent and 4.2 per cent.