NSE advances by N199bn on Dangote Cement, MTN gains

The Nigerian stock market key indicators closed upbeat on Wednesday following gains posted by some blue chips to reverse previous trading loss.

Specifically, the market capitalisation inched higher by N199 billion or 0.98 per cent to close at N20.449 trillion against N20.250 trillion recorded on Tuesday.

Also, the All-Share Index appreciated by 380.81 points or 0.98 per cent to close at 39,085.78 from 38,704.97 achieved on Tuesday.

Market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), Guinness and Unilever.

Consequently, market sentiment was positive with 21 stocks against 17 losers.

Stanbic IBTC Holdings dominated the gainers’ chart in percentage terms with 9.99 per cent to close at N48.45 per share.

NPF Microfinance Bank followed with a growth of 9.60 per cent to close at N1.94, while Cornerstone Insurance rose by 8.93 per cent to close at 61k per share.

Guinness Nigeria appreciated by 8.76 per cent to close at N27.30, while Oando gained 8.68 per cent to close at N3.38 per share.

On the other hand, MRS Oil Nigeria led the losers’ chart in percentage terms by 9.70 per cent to close at N12.10 per share.

Wapic Insurance followed with a loss of 9.09 per cent to close at 50k, while Lafarge Africa shed 7.11 per cent to close at N20.90 per share.

Africa Prudential dipped 5.45 per cent to close at N5.20, while Livestock Feeds depreciated by 4.74 per cent to close at N1.81 per share.

Meanwhile, the total volume of trades declined marginally by 11.8 per cent to 361.90 million shares valued at N5.70 billion exchanged in 4,018 deals.

This was in contrast with a turnover of 461.39 million shares worth N5.98 billion traded in 3,937 deals on Tuesday.

Transactions in the shares of Union Bank of Nigeria topped the activity chart with 79.35 million shares valued at N420.53 million.

Guaranty Trust Bank trailed with 72.62 million shares worth N2.26 billion, while Veritas Kapital Assurance sold 50.25 million shares valued at N10.53 million.

Ekocorp accounted for 20 million shares worth N120 million, while Zenith Bank transacted 16.68 million shares valued at N367.03 million.