Dangote Cement, other stocks drive N400bn gain on Nigerian Exchange

Nigeria’s equities market rerouted to green zone (+1.71 percent) on Wednesday January 12, thanks to investors who bought Dangote Cement Plc and other stocks that drove the over N404billion gain on the Bourse.

Earleir on Wednesday, Dangote Cement Plc announced the commencement of the second tranche of its share buyback programme (Tranche II). The tranche II buyback commences on Wednesday January 19, 2022 while the completion date is on Thursday January 20, 2022 or when the entire Tranche Size has been purchased; whichever is earlier. Meristem Stockbrokers Limited and Vetiva Securities Limited are the stockbrokers.

The current issued shares of Dangote Cement Plc are 17,040,507,404 fully paid-up ordinary shares of 50 Kobo each; tranche size is up to 170,003,074 fully paid-up ordinary shares of 50 kobo each, representing 1percent of the currently issued shares, less treasury shares.

The share price of Dangote Cement Plc (one of analysts stock picks in 2022) moved up from preceding day’s low of N259 to N275, up by 6.2percent.

Interestingly, investors showed interest in penny stocks which pushed prices of many of them higher. For instance, penny stocks like Academy Press Plc, Jaiz Bank Plc, Unity Bank Plc, Sovereign Trust Insurance Plc, and Mutual Benefit Assurance Plc also occupied top gainers list on the Nigerian Exchange Limited (NGX).

Academy Press Plc made the top gainers after its share price moved from 60kobo to 66kobo, up 10percent, followed by Jaiz Bank Plc which rose from 60kobo to 66kobo, up by 10percent.

Read also: Dangote Cement set for Tranche II of share Buyback Programme

Unity Bank Plc advanced from 46kobo to 50kobo, up by 8.7percent; while that of Sovereign Trust Insurance Plc rose from 24kobo to 26kobo, up by 8.3percent, followed by Mutual Benefit Assurance Plc which rallied from 27kobo to 29kobo, up by 7.4percent.

CHI Plc led the laggards after its share price decreased from 69kobo to 63kobo, losing 6kobo or 8.70percent; followed by that of Regency Assurance Plc which dipped from 46kobo to 42kobo, losing 4kobo or 8.70percent; and Sunu Assurances Nigeria Plc which dropped from a preceding day high of 37kobo to 34kobo, losing 3kobo or 8.11percent.

As at the close of trading session on the Nigerian Exchange Limited (NGX), its All-Share Index (ASI) moved up from preceding trading day’s low of 43,859.3 points to 44,608.82 points.

Also, the value of listed stocks on the Nigerian Bourse rose from preceding trading day’s N23.630trillion to N24.034trillion.

The stock market’s positive return year-to-date (YtD) stood higher at +4.43percent.

Transcorp, FBN Holdings, Jaiz Bank, Sterling Bank, and GTCO were most traded stocks on Wednesday. In 4,502 deals, investors exchanged 266,328,204 units valued at N3.822billion.

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