Gains in Dangote Cement lift equity market index 1.4%, first rally in 4-day
Nigeria’s equity market closed higher on Thursday, bucking the trend with a gain of 1.40 percent in the main All-Share Index (ASI) of the Nigerian Stock Exchange (NSE), narrowing the year-to-date return to -8.68 percent.
The gains in the market index were driven by the massive appreciation in the shares of Dangote Cement, which account for a third of the market capitalisation.
The shares in the cement firm, majorly owned by Africa’s richest man climbed by 10 percent maximum at the day transactions, pushing up both the index and the market capitalisation of the NSE.
Consequently, investors gained ₦176.7 billion as market capitalisation also advanced to ₦12.8 trillion at the end of transactions on Thursday.
The activity level, however, fell as average volume and value traded declined by 38.3 percent and 43.6 percent to 164.3 million units and ₦2.1 billion respectively.
FBN Holdings emerged on the top traded stocks by volume with 42.7 million units, Custodian Insurance stock traded a total of 20.7 million units while Zenith Bank stock traded 17.9 million units and Dangote Cement traded ₦430.5 million.
The market has been down for a record of four consecutive trading sessions, which was attributed to sell off by many investors.