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Nigeria’s equity market rallies 3.9% with gains in Dangote Cement, Fidelity

By on November 9, 2020 0 101 Views

By Samuel Bankole

Nigeria’s equity market closed on a positive note on Monday with the All-Share Index (ASI) up almost four percent, driven by gains in cement and banking sector stocks.

The market main index rose 3.96 percent to close at 32,243.05 points compared with 31,016.17 points it closed on Friday.

Also, the market cap of equities listed on the NSE increased to ₦16.848 trillion from ₦16.207 trillion on Friday, while total volume traded closed with an exchange of 636.010 million units valued at ₦8.24 billion traded in 7,210 deals.

The market breadth was positive with 49 gainers as against 11 losers.

Shares in Dangote Cement, majorly owned by Africa’s richest man Aliko Dangote claimed 6.02 percent to closed trading at N174.50 per share, while its closest rival Lafarge Africa nudged up 10 percent to close the market at N19.50 per share.

Fidelity Bank gained 9.77 percent on its shares and closed trading at N2.56 per share, while sterling Bank and FCMB closed rose 9.89 percent and 9.35 percent respectively to closed the market at N1.82 and N3.10 per share each.

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The rally in the market further widens the Year-To-date (YTD) market returns to 20.1 percent, making the Nigerian equity market one of the world’s best performing stock.

The most traded stocks by volume with investors trading 70.2 million units of Zenith Bank, followed by FBN Holding with 67.7 million units and Access Bank 58.0 million units.
) while ZENITH (₦ 1.6bn), MTNN (₦1.2bn) and GUARANTY (₦757.2m) led by value chart.

The Banking and Industrial Goods indicators recorded the strongest appreciation, up 6.6 percent and 5.5 percent respectively due to gains in Guaranty Trust Bank, Zenith Bank and Dangote Cement and Bua Cement.

Analysts at Afrivest said in view of the significant appreciation recorded in the market, “we anticipate profit-taking in the next trading session. Nonetheless, we expect market performance to be supported by earnings releases.”

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