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Dangote Cement deal propels equities to N66bn gain

The Equities market of the Nigerian Stock Exchange,  NSE, closed yesterday  on a positive note, as a special deal on Dangote cement saw the  market capitalization adding N66 billion to close at N12, 913 trillion

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DANGCEM leads the list of active stocks that recorded impressive volume spike at the end of yesterday’s  session, which ensured that DANGCEM gained N8.99 to close at N238 per share, saw a total of N128 million shares exchange hands for N27 billion.

Dangote Industries Limited recently sold 2.3 per cent stake in Dangote Cement Plc to foreign investors on Tuesday in a stock market deal valued at N86.1bn ($236m).

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According to David Adonri, a Stockbroker, “what we saw in the market was a special deal negotiated by Meristem Stockbrokers which had both the buyer and the seller agree on a price inside

The All Share Index,  ASI appreciated by +0.52% to close at 37,312.28 basis points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +38.84%. 

Market breadth closed negative as FO led 16 Gainers as against 24 Losers topped by CILEASING at the end of today’s session- an unimproved performance when compared with previous outlook. 

Adonri said the downgrade by Moodys may have had some little effect on the stocks of the banks. “the demand for the stock of the banks appeared relaxed somewhat.

 Meanwhile, the Central Bank of Nigeria yesterday injected another $195 million into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength.

Figures released by the Bank showed that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

 

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