The stock market soared to new high yesterday, gaining N544 billion on the back of price gains by Dangote Cement Plc, Nigerian Breweries Plc and Nestle Nigeria Plc. The market has been on the upbeat since last week Thursday following the activities of bargain hunters who swooped on stocks with attractive prices.
After gaining 4.5 per cent the previous day, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) not only sustained the momentum but also recorded a higher growth of 5.0 per cent to close at 34,428.82.
The market capitalisation added N544 billion to close at N11.402 trillion, boosted by heavy weights such as Dangote Cement, Nigerian Breweries and Nestle Nigeria Plc. The bulls were in total control of the market as 33 stocks appreciated compared with 15 that depreciated.
Guinness Nigeria Plc and Seplat Petroleum Development Company Plc led the price gainers with 10.24 per cent apiece. Presco Plc followed with 10.23 per cent.
However, Dangote Cement, which rose by 10.19 per cent contributed majorly to the massive leap recorded in the market capitalisation. Out of the N544 billion recorded yesterday, Dangote Cement Plc accounted for N309 billion or 57 per cent. Nigerian Breweries Plc accounted for N69 billion, while Nestle added N41 billion.
Other price gainers included: Champion Breweries (10.07 per cent); Nigerian Aviation Handling Company Plc ( 9.9 per cent); United Bank for Africa Plc( 9.6 per cent) and Skye Bank Plc (9.4 per cent).
Conversely, WAPIC Insurance Plc led the price losers with 4.5 per cent, followed by Sterling Bank Plc with 4.1 per cent. – Thisday.
