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Wednesday, January 19, 2022

Nigeria’s equity market climbs 1.7% on rally in Dangote Cement shares

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By Samuel Bankole

Dangote Cement has continued to drive growth in the Nigeria’s equity market as investors piled into the share of the building material company, majorly owned by wealthiest blackman, Aliko Dangote for the second consecutive day.

Shares in the cement firm, which accounts for a third of the market cap, rose 6.18 percent to push up the main market index by 1.71 percent on Thursday.

Dangote Cement had announced to the market on Wednesday that it was ready to buy back one percent of its share, in the second of such series, triggering interest in the stock of the cement firm.

The company second tranche of shares buyback programme will commence on Wednesday, January 19, 2022, and expected to last for two days to be completed on Thursday, January 20, 2022.

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The shares of the cement maker grew from N259.00 per share at the start of the trading day to N275.00 per share, the highest price traded at the close of the market, to represent a gain of 6.18 percent which in monetary terms is N16.00.

The All Share Index increased by 1.71 percent to close at 44,608.82 points while market cap of equities listed on the NGX increased to N24.034 trillion from N23.631 trillion in the previous close.

The total volume traded closed with an exchange of 266.328 million units valued at N3.82 billion traded in 4,502 deals. The market breadth was positive with 24 gainers as against 15 losers.

The NGX 30 Index increased by 1.87 percent to close at 1,738.08 points as against 1,706.17 points on the previous close.

Market turnover closed with traded volume of 104.37 million units. Dangote Cement and Seplat were the key gainers, while Sterling and United Capital were the key losers.

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