Investors gain N810bn as Dangote seals 107m shares buy-back

Investors on the floor of the Nigerian Exchange Limited recorded another huge gain in the just concluded week, as the All-Share Index and market capitalisation appreciated further by 3.38 per cent to close the week at 45,957.35 basis points and N24.76tn respectively.

The sustained positive trajectory saw investors gain N810bn in the five days trading session, even as Dangote Cement completed its share buy-back programme of 107 million units, leading to the company’s share price gaining 5.52 per cent to close at N284.90.

Equity turnover of 1.858 billion shares worth N47.49bn in 20,861 deals was traded in the week under review by investors, in contrast to the 1.6 billion shares valued at N32.72bn that exchanged hands the week before in 22,607 deals.

Measured by volume, the financial service industry led the activity chart with 815.363 million shares valued at N7.07bn traded in 10,736 deals and contributed 43.89 per cent and 14.88 per cent to the total equity turnover volume and value respectively.

The Information and Communications Technology industry followed with 596.575 million shares worth N845.02m in 1,028 deals, and the conglomerates industry recorded a turnover of 161.347 million shares worth N191.19m in 983 deals.    

Computer Warehouse Group, Transnational Corporation of Nigeria and FBN Holdings, measured by volume, were the top three traded equities. Their shares accounted for 810.748 million shares worth N2.08bn in 1,499 deals and contributed 43.65 per cent and 4.38 per cent to the total equity turnover volume and value respectively.

“In line with our expectations, the local bourse sustained its positive trajectory as DANGCEM completed its share buy-back programme of 107 million units, hence leading to its share price closing 5.52 per cent higher at N284.90,” said analysts.

The domestic market was also buoyed by the share prices of Courteville Business Solutions, Northern Nigeria Flour Mills, Eterna and Skyway Aviation Handling, which increased by 24 per cent, 21 per cent, 13 per cent and 10 per cent respectively to lift the NGX ASI up by 3.38 per cent to close at 45,957.35bps.

Given the bullish sentiment, most sector gauges tracked closed in green. The oil and gas, banking, consumer goods and the industrial indices rose by 5.21 per cent, 1.66 per cent, 1.03 per cent and 4.37 per cent to close at 379.17bps, 419.14bps, 564.47bps and 2,178.09bps respectively. However, the insurance index lost 0.24 per cent to close at 192.71bps.

With the Monetary Policy Committees’ meeting billed to hold in the new week, analysts at Cowry Asset Management expect the equities market index to move northward amid positive investor’s sentiment.

“Investors are expected to invest more in the equities market if MPC holds rate constant,” they said.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Get in Touch


Please enter your comment!
Please enter your name here

Related Articles