Dangote Cement, others save stock market from bears

Nigeria’s equities market on Thursday halted a 10-day reign of the bears, thanks to shares of Africa’s leading cement maker, Dangote Cement Plc and others that helped reverse the ugly trend.

Dangote Cement led the gainers after its share price moved from preceding day low of
N213 to N228, adding N15 or 7.04percent, which implies that investors leveraged February’s market dip to re-enter value counters that are priced low.

Likewise, the share price of Mutual Benefit moved up from 37kobo to 39kobo, after it added 2kobo or 5.41percent. Sovereign Trust Insurance also rallied from 27kobo to 28kobo, adding 1kobo or 3.70percent.

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Also, Vitafoam rallied from N9 to N9.3, up by 30kobo or 3.33percent while Unilever moved from preceding day low of N13.6 to N13.95, adding 35kobo or 2.57 percent.

At the close of trading session on Thursday February 11, the Nigerian Stock Exchange (NSE) All Share Index (ASI) moved up by 0.78 percent, from preceding day low of 40,696.01 points to 41,014.30 points while market capitalisation increased by N167billion, from N21.289trillion to N21.456trillion. The market’s positive return year-to-date (YtD) printed higher at 1.85percent.

In 6,573 deals, investors exchanged 1,274,476,759 shares valued at N6.397billion. Transcorp, FBNHolding, UBA and Zenith Bank were actively traded stocks on the Bourse.