NSE halts losing streak on renewed interest in Dangote Cement, NB

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NSE halts losing streak on renewed interest in Dangote Cement, NB

By Nkiruka Nnorom
Activities resumed upbeat today at the Nigerian Stock Exchange, NSE, following renewed interest on the shares of Dangote Cement Plc and Nigerian Breweries Plc, the two most capitalized stocks on the Exchange.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

Though both stocks are not among the top gainers, but the 2.67 percent and 2.32 percent gains recorded in Dangote Cement and NB respectively propelled the key measurement indicator – the All Share Index, ASI – to 0.90 percent increase, the highest gain since April 27, 2018.

Specifically, the ASI rose to 40,992.97 points from 40,615.42 points on Tuesday.

In the same, the market capitalisation of all listed equities inched up by 0.93 percent to N14.849 trillion from N14.712 trillion in the previous day.

However, 15 gainers emerged at the end of the day’s trading compared to 30 losers. Cutix Plc led the gainers table, rising by five percent to close at N3.15 from N3.00, followed by Unilever Nigeria Plc with 4.91 percent increase to close at N52.35 from N49.90 per share.

NPF Micro-finance Bank Plc placed third, appreciating by 4.86 percent to close at N1.94 from N1.85; Sovereign Trust Insurance ranked fourth, rising by 4.76 percent to close at N0.22 from N0.21, while Axamansard Insurance was up 4.70 percent to N2.45 from N2.34 per share.

According to analysts at Cordros Capital, “Strengthening macroeconomic fundamentals remain supportive of the outlook for gains in the equities market.”

Skye Bank, one of the few banks that are yet to file their 2017 full audited financial report, led the losers chart, dropping by 9.41 percent to close at N0.77 from N0.85.

Diamond Bank Plc trailed behind with 9.15 percent decline to close at N1.49 from N1.64.

Japaul Oil and Maritime Services Plc depreciated by 5.71 percent to close at N0.33 from N0.35; Union Bank of Nigeria, UBN Plc went down by 5.19 percent to close at N6.40 from N6.75, while Cement Company of northern Nigeria, CCNN, nose-dived by five percent to close at N27.55 from N29.00 per share.

The post NSE halts losing streak on renewed interest in Dangote Cement, NB appeared first on Vanguard News.


Source: http://www.vanguardngr.com/

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