Dangote Cement Plc’s N2.02 price gain yesterday boosted recovery of the Nigerian equities market after declining the first day of the week due to profit-taking.
Dangote Cement stock closed higher at N247.02.
After shedding 0.64 per cent the previous day, the market regained part of the depreciation as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) grew by 0.24 per cent to close at 42,861.78.
Similarly, the market capitalisation added N34 billion to close at N14.153 trillion, just as the volume and value of trading also appreciated, depicting a bullish trading session.
An analysis of the market performance showed that three out of the five NSE sectoral indices recorded gains, led by the NSE Insurance Index which appreciated by 0.75 per cent.
The gain in the insurance index occurred on the the back of fresh bargain hunting, majorly on Continental Re-insurance (6.1 per cent) and Royal Exchange (4.0 per cent). The NSE Consumer Goods Index rose by 0.02 per cent while the NSE Industrial Index rose by 0.13 per cent.
Conversely, the NSE Oil/Gas Index dropped by 0.14 per cent, while the NSE Banking Index declined marginally by 0.01 per cent.
In all 27 stocks out of the 117 stocks traded, recorded gains while 31 depreciated.
However, Nestle Nigeria Plc led the gainers’ table with N11.20 to close at N1,111.20 per share. Glaxosmithkline Consumer Nigeria Plc chalked up N2.00 to close at N70 per share, just as Presco Plc garnered N1.10 to be at N38 per share.
In percentage terms, Continental Reinsurance Plc led with 6.14 per cent, trailed by NPF Microfinance Bank Plc with 5.0 per cent. Learn Africa Plc and May and Bank Nigeria Plc went up by 4.97 per cent and 4.88 per cent respectively.
On the other hand, Smurfit Print Plc led with a decline of 17 per cent, followed by Neimeth Pharmaceuticals Plc with 4.76 per cent. Eterna Plc and A.G Leventis Plc shed 4.64 per cent and 4.58 per cent in that order.
