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Dangote Cement leads gainers to halt market downtrend

Dangote Cement leads gainers to halt market downtrendThe Nigerian equity market on Thursday closed on a positive note as Dangote Cement Plc led other gainers to halt the negative sentiment of three consecutive trading days.

However, the market breadth closed negative, with 19 losers as against seven gainers.

The key market performance measures, the All Share Index of the Nigerian Stock Exchange and the market capitalisation, rose by 0.1 per cent as market sentiment returned to gaining streak following positive sentiment on undervalued stocks.

Consequently, the All-Share Index gained 20.66 basis points or 0.1 per cent to close at 21,121.20 as against 21,100.54 recorded the previous day while the market capitalisation of equities appreciated by N11bn or 0.1 per cent to close at N11.007tn from N10.996tn as market sentiment returned to the green zone.

Meanwhile, a turnover of 255.6 million shares exchanged in 4,418 deals was recorded in the day’s trading.

Premium subsector was the most active (measured by turnover volume); with 157.7 million shares exchanged by investors in 2,687 deals.

Volume in the subsector was largely driven by activities in the shares of Zenith Bank Plc and FBN Holdings Plc.

Banking subsector boosted by activities in the shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 50.4 million shares in 616 deals.

The number of gainers at the close of trading session was seven while decliners closed at 19.

Dangote Cement Plc led the gainers’ table with a gain of 9.93 per cent to close at N128.40 per share while Livestock Feeds Plc followed with a gain of 9.38 per cent to close at 70 kobo per share. GlaxoSmithKline Consumer Nigeria Plc added 9.09 per cent to close at N4.80 per share.

On the other hand, Nigerian Breweries Plc led the price losers’ table, dropping 9.27 per cent to close at N22.50 per share. Honeywell Flour Plc followed with 8.16 per cent to close at 90 kobo per share while International Breweries Plc trailed with a loss of 6.54 per cent to close at N5.00 per share.

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