Stocks sustain rally as investors buy Dangote Cement, Okomu Oil, others

Nigeria’s stock market sustained its week-open gains on Tuesday May 19, as investors hunted for shares of Dangote Cement Plc and other value counters like Okomu Oil and GTBank.

Following their gains and that of other large cap stocks the Nigerian Stock Exchange (NSE) All Share Index (ASI) rose by 1.09percent to close the day at 24,202.87 points, from preceding day low of 24,010.19 points.

The value of listed stocks increased from N12.477trillion on Monday to N12.613trillion, up by N136billion.

Okomu Oil led the gainers table after its share price moved from N58.55 to N64.4, up N5.85 or 9.99percent.

Dangote Cement followed after its share price moved from N143.5 to N147.5, adding N4 or 2.79percent. Also, Presco increased from N40.05 to N41.5 up N1.45 or 3.62percent.

Unilever rallied from N13.7 to N15.05, up N1.35 or 9.85percent, while GTBank increased from N22.75 to N23.3, adding 55 kobo or 2.42percent.

This week, the market has advanced by 1.39percent, while it has gained 5.13percent this month. Year-to-date (YtD) negative return has moderated to – 9.83percent.

Access Bank, GTBank, Zenith Bank, FBN Holdings and Lasaco were actively traded stocks on Tuesday.

In 4,784 deals, investors exchanged 339,756,744 units valued at N3.921billion.

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By Iheanyi Nwachukwu • May 19, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.