Dangote Cement, Others Drive Overall Market Cap By N108bn

Dangote Cement, Others Drive Overall Market Cap By N108bn

The renewed interest in Dangote Cement, and 17 other quoted companies on the Nigerian Exchange Limited (NGX) on Wednesday, March 7, 2023, triggered an increase in the overall capitalisation of the stock market.

As the NGX All Share Index (ASI) rose by 197.20 basis points or 0.35% to close at 55,801.14 basis points from 55,603.94 basis points it opened for trading, the total capitalisation of the stock market increased by N108 billion (from N30,290 trillion to N30,398 trillion).

NGX performance

Sectoral performance on NGX was equable as the Industrial index added 0.84per cent and Banking Index gained 0.06per cent, while the Oil and Gas Index depreciated by 0.90per cent and Consumer Goods Index down by  0.06%.

As measured by market breadth, market sentiment was mixed, as an equal number of stocks (18) gained and lost. Trans-Nationwide Express recorded the highest price gain of 9.88%t to close at 89 kobo, per share.

Cutix followed with a gain of 8.50% to close at N2.17, while FTN Cocoa processors were up by 7.69% to close at 28 kobo, per share.

Sovereign Trust Insurance rose by 7.14% to close at 30 kobo, while Honeywell Flour Mills appreciated by 6.39% to close at N2.33, per share. On the other hand, MRS Oil Nigeria led the losers’ chart by 9.98% to close at N27.95, per share. Associated Bus Company followed with a decline of 7.89% to close at 35 kobo, while Chams Holding Company shed 7.41% to close at 25 kobo, per share.

Ardova lost 6.20% to close at N17.40, while Royal Exchange shed 5.33% to close at 71 kobo, per share.

The total volume traded declined by 4.2% to 152.743 million units, valued at N3.573 billion, and exchanged in 3,293 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 34.604 million shares valued at N16.610 million. United Bank for Africa (UBA) followed with 15.001 million shares worth N127.311 million, while GTCO traded 12.749 million shares valued at N335.934 million.

AXA Mansard Insurance traded 8.282 million shares valued at N16.584 million, while Dangote Cement transacted 7.324 million shares worth N2.088 billion.

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