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HomeBusinessLocal bourse rebounds with N181 bln gain as Dangote Cement lifts market

Local bourse rebounds with N181 bln gain as Dangote Cement lifts market

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By Ifeyinwa Ezeokoli
Snapping five consecutive sessions of losses, the domestic stock market on Tuesday posted an N181 billion rebound following bargain hunting in Dangote Cement and other major stocks.
The All-Share Index inched higher by 335.01 points, representing an increase of 0.66 per cent to close at 51,091.75.
The market capitalisation of equities listed on the NGX increased to N27.544 trillion from N27.363 trillion as of the previous close, representing a N181 billion gain.
The total volume traded closed with an exchange of 166.969 million units valued at N2.74 billion traded in 4,398 deals. However, the market breadth was negative with 14 gainers as against 22 losers.
The NGX 30 Index increased by 1.23 per cent to close at 1,857.28 points as against 1,834.65 points at the previous close. Market turnover closed with a traded volume of 95.25 million units
Consequently, the month-to-date loss moderated to 3.6 per cent, while the year-to-date return increased to 19.6 per cent.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, MRS, Nigerian Aviation Handling Company, Seplat Energy, Access Corporation and Oando.
On market outlook, GTI Securities Limited said “Equity market resumes a bullish trend, as investors bargain hunting on oversold stocks. We expect profit taking to continue in the domestic market throughout the week.”
However, market sentiment, as measured by market breadth closed negative with 22 losers in relative to 14 gainers.
Livestock Feeds led the gainers’ chart in percentage terms by 10 per cent to close at N1.32 per share.
MRS Oil followed with 9.80 per cent to close at N16.25, while Dangote Cement appreciated by 8.30 per cent to close at N270 per share.
NAHCO rose by 7.69 per cent to close at N8.40, while Royal Exchange appreciated by 5.56 per cent to close at 95k per share.
On the other hand, Learn Africa and BUA Foods led the losers’ chart in percentage terms by 10 per cent each to close at N2.25 and N49.50 per share, respectively.
Japaul Gold and Ventures followed with 9.68 per cent to close at 28k per share.
GlaxoSmithKline Consumer Nigeria (Glaxosmith) declined by 9.22 per cent to close at N6.40, while NASCON Allied Industries depreciated by 8.56 per cent to close at N11.75 per share.
Meanwhile, the total volume of trades dropped by 51.60 per cent to 166.97 million units valued at N2.74 billion exchanged in 4,398 deals.
Transactions in the shares of  Transcorp topped the activity chart with 19.34 million shares worth N24.39 million.
United Bank for Africa followed with 17.59 million shares worth N131.21 million, while Guaranty Trust Holding Company (GTCO) traded 17.29 million shares valued at N365.18 million.
Zenith Bank traded 12.81 million shares worth N281.89 million, while FBN Holdings transacted 11.34 million shares worth N95.43 million.
On the money market, the interbank lending rate was flat at the close of the transactions on Tuesday with the Overnight (O/N) rate unchanged at 14.00 per cent, while the Open Repo (OPR) increased by 0.08 per cent to close at 13.83 per cent compared with the last close of 13.75 per cent.

At the I&E forex market, the local currency appreciated by 0.25 per cent as the dollar was quoted at N420.28 compared with the last close of N421.33.

Traders said most participants maintained bids between N413.00 and N444.00 per dollar.

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