The Nigerian Exchange experienced a substantial boost as the market capitalization gained approximately N1.24 trillion at the close of Monday’s trading, reaching N57.28 trillion and moving closer to the historic N60 trillion mark.
This surge was primarily attributed to a remarkable 9.93% increase in the market value of Dangote Cement, which rose to N13 trillion from N11.8 trillion recorded at the end of Friday’s trading. Additionally, Dangote Sugar Refinery Plc achieved a significant milestone by joining the league of companies valued at N1 trillion, with its shares rising to N82.65.
The All-Share Index, the benchmark index of the exchange, climbed by 2.22% to conclude at 104,674.67 points, contributing to a year-to-date gain of 39.99%. Market breadth, indicating investor sentiment, showed a negative trend with 25 gainers and 39 losers compared to the previous day.
Oando led the gainers, with a 9.96% appreciation to close at N13.80, followed by Dangote Cement, which increased by 9.93% to N763, and Tripple G, adding 9.89% to close at N3.11. Conversely, Daar Communications and Ikeja Hotel recorded a 10% decline each, closing at N0.81 and N6.75, respectively, topping the losers’ table.
JapaulGold, Dangote Cement, Transcorp, United Bank for Africa, Zenith Bank, and Guaranty Trust Holding Company Plc were the volume and value drivers of the day’s market trend. The transaction volume reached 683.93 million, an increase from the 519.39 million traded the previous day, with a trade value of N25.93 billion from 15,887 deals executed.
Market analysts anticipate that the bullish run will likely continue in the new week as the market awaits more corporate earnings releases. However, there could be a possibility of profit-taking, as investors engage in sectoral rotation to strategically position themselves, capitalizing on stocks that experience pullbacks.
Notably, Cadbury, which reported a N27 billion loss in the 2023 financial year, saw a depreciation of 9.80%, closing at N20.70, while the NPF Microfinance Bank lost 8.88% to close at N1.95.
