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By Chukwuma Umeorah
Dangote Cement listed on the Nigerian Exchange Limited (NGX) has achieved a market capitalization of N10 trillion At the conclusion of Monday’s trading session. The value of the stock rose by 9.99 per cent trading at N592.6 per share and closed the day with a market capitalization of N10.098 trillion marking the first time any company has reached this historic milestone on the Nigerian Exchange.
DANGCEM, which resumed the year at stock value of N319.90 per share has witnessed a Year-to-Date appreciation of 83.32 per cent within the space of three trading weeks. Earlier in the month, it displaced Airtel Africa as the most capitalized stock.
The Nigerian equities market in recent time has demonstrated impressive performance as robust interest in diverse stocks across major sectors of the market has continued to put the market in a positive trajectory.
Experts suggests that regulatory efforts and policy rejig by President Bola Tinubu’s administration are instrumental in the market’s positive momentum and strengthening investors’ confidence in the market.
CEO of Crane Securities, Mike Eze who spoke to Daily Sun noted, “The major factor that is spurring this upswing that we are seeing in the equities market is propelled by policy changes of the current administration to go along with the government’s intention of making our economy a $3 trillion-dollar economy.”
Meanwhile, trading on the bourse opened the week strong propelling investors to a collective gain of N675 billion on Monday. The benchmark All-Share Index (ASI) added 1,235 basis points or 1.3 per cent to close at 95,773 basis points from an opening value of 94,538 points last Friday.
Consequently, market capitalization stood at N52.410 trillion representing a Year-to-Date (YTD) of 26.43 per cent.
Monday bullish performance was on the local bourse was buoyed by gains recorded in Dangote Cement and 23 other low and medium capitalized stocks such as Eterna, Mansard, NGXgroup, Unilever and Sunuassur.
A cumulative total of 721.81 million units of shares, equivalent to a market value of N14.40 billion, changed hands through 15,757 transactions. When compared with the previous trading day on the NGX, these figures reflect a 15 per cent decrease in trading volume, a 4 per cent reduction in turnover, but a 3 per cent improvement in the number of deals executed.
Transcorp led the day’s activities (when measured in volume) trading 66.52 million units of shares valued at N1.23 billion, followed by Veritaskap which exchanged 47.01 units at N34.9 million while Accesscorp traded 40.01 units of shares at N1.17 billion.
As measured by market breadth, market sentiment was negative as 47 stocks depreciated in value while 24 stocks gained.
On the performance board, Sunuassur and Dangcem recorded the highest gains of the day having appreciated by 10.00 per cent and 9.99 per cent to close at N1.98 and N592.60 per share respectively, while TrippleG and Eterna gained 9.81 and 9.80 percent to close at N2.35 and N25.20 per share.
While MCNICHICOLS and UPL led the losers’ chart with a 10 per cent decline each to close at N1.62 and N3.60 per share respectively. Flourmill and Sovrenins also shed 10 per cent each to close the day at N42.30 and N0.54 per share.
