Stock Market Gains N2.32tn on Investors’ Demand for Dangote Cement

Kayode Tokede The Nigerian equities market opened the week on a positive note, as investors’ Investment rose by N2.32 trillion amid soar in the price of Dangote Cement Plc. As Dangote Cement gained 9.61per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 3,579.52 basis points or 1.44 per cent to close at 252,456.74 basis points. The positive performance reflects renewed buying interest and improved investor confidence, with the benchmark index reclaiming the 250,000-basis point level. Consequently, equity market capitalisation increased by approximately N2.32 trillion to close at N163.92 trillion. Analysts noted that the session was characterized by bullish sentiment and improved trading activity, as the market recorded a strong rebound, recovering above the 250,000-point threshold. As measured by market breadth, market sentiment was negative, as 20 stocks gained relative to 28 losers. AXA Mansard Insurance led the gainers with a 9.75 per cent rise, closing at N12.95, per share. Sovereign Trust Insurance followed with a 9.74 per cent gain to close at N2.14, while Dangote Cement surged 9.61 per cent to close at N1,469.90, per share. Oando rose 8.46 per cent to close at N35.90, and Fidelity Bank advanced 6.85 per cent to close at N24.95, per share. On the downside, Thomas Wyatt Nigeria led the losers, falling 9.62 per cent to close at N2.35, per share. University Press followed with a decline of 8.70 per cent to close at N4.20, while Fortis Global Insurance dropped 7.38 per cent to close at N1.38, per share. The Initial Plc (TIP) fell 6.88 per cent to close at N25.05, while Zichis shed 5.59 per cent to close at N16.05, per share. The total volume traded declined by 20.0 per cent to 453.31 million units, valued at N30.55 billion, and exchanged in 42,891 deals. Looking ahead, Cowry Assets Management Limited said sustained demand for large-cap stocks could support further market gains, although negative market breadth and lingering profit-taking pressures may limit broader upside momentum.