• Tuesday, September 26, 2023
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Stock market sustains rally as investors snap up Dangote Cement, 23 others

Stock market up 1.09% as Nestle, MTNN, others rally

The Nigerian stock market rally was sustained on Wednesday January 16 as investors raised bets on the shares of Dangote Cement Plc, Guinness Nigeria Plc, Forte Oil Plc, and others seen in the basket of 24 gainers as against 16 losers. Increased bargains led to over N120billion in capital gains by stock investors.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 1.07percent at the sound of trading gong on the 9th floor of the Nigerian Stock Exchange while the Year-to-Date (ytd) return stood at minus 3.09percent.

The All Share Index closed at 30,460.68 points as against the preceding day close of 30,137.53 points while Market Capitalisation closed at N11.359 trillion as against preceding day close of N11.239 trillion, up by N120billion.

Dangote Cement Plc led the rally after its share price gained N8 or 4.44percent, from N180 to N188. Guinness Nigeria Plc stock price also advanced from N64.75 to N71, gaining N6.25 or 9.65percent; Forte Oil Plc advanced from N28 to N29.4, adding N1.4 or 5percent. NASCON Plc moved up from N18 to N18.6, adding 60kobo or 3.33percent; while Custodian Investment Plc increased from N5.3 to N5.8, up 50kobo or 9.43percent.

On the losers table, Beta Glass Plc recorded the highest decline after its share price dropped from N67 to N60.3, down by N6.7 or 10percent. PZ Cussons Nigeria Plc followed after its share price declined from N12 to N11, losing N1 or 8.33percent. GTBank Plc declined from N33.5 to N32.6, down by 90kobo or 2.69percent; International Breweries Plc also dipped from N31 to N30.25, losing 75kobo or 2.42percent; while Northern Nigeria Flourmills Plc stock price lost 40kobo or 9.20percent, from N4.35 to N3.95.

The volume of stocks traded increased by 1.92percent, from 300.03 million to 305.80 million, while the total value of stocks traded decreased by 35.27percent, from N3.24billion to N2.10billion in 3,642 deals. Diamond Bank Plc, Fidelity Bank Plc, GTBank Plc, Zenith Bank Plc and Sterling Bank Plc were actively traded stocks Wednesday on the Nigerian Bourse

The Financial Services sector led the activity chart with 270.45million shares exchanged for N1.568 billion, followed by Conglomerates with 11.17million shares traded for N60million.


Iheanyi Nwachukwu