Market sees first positive close this week as Dangote Cement leads advancers

Nigeria’s stock market on Wednesday recorded its first gain this week as Dangote Cement Plc led the advancers league on the Bourse amid bargain hunting activities.

The share price of the largest cement maker moved up most by N24 or 9.96percent, from N241 to close at N265, helping to drive the record N391billion gain or 1.47percent increase.

Meanwhile, the share price of Lafarge Africa decreased most on Wednesday by N2.25 or 8.84percent, from N25.45 to N23.20. The sell pressure seen on Lafarge came despite its half-year scorecards that shows growth across top-to-bottom line figures.

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The stock market’s record positive return year-to-date (YtD) increased to 17.23percent. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding day lows of 49,350.71 points and N26.618trillion respectively to 50,075.47 points and N27.009 trillion.

Also, NEM Insurance followed on the top advancers list after its share price increased from N3.74 to N4.11, adding 37kobo or 9.89percent, followed by Ellah Lakes which increased from N3.93 to N4.30, adding 37kobo or 9.41percent.

May & Baker share price increased also from N3.57 to N3.88, adding 31kobo or 8.68percent while Japaul Gold followed after rising from 34kobo to 37kobo, adding 3kobo or 8.82percent.

In 3,576 deals, investors exchanged 279,221,149 shares valued at N2.082billion. Jaiz Bank, FBN Holdings, UBA, AIICO and Japaul Gold were top-5 traded stocks on the Exchange.