NB, Dangote Cement Sustain NSE Growth By 2.46%

Transactions on the Nigeria bourse sustained positive trend, rebounding further on Tuesday by 2.46 per cent following price appreciation posted by the Nigerian Breweries and Dangote Cement.

The All-Shares, at the close of trading, improved by 907.82 points or 2.46 per cent to close at 37,854.92 in contrast with 36,947.10 achieved on Monday.

Also, the market capitalisation rose by N329 billion or 2.46 per cent to close at N13.712 trillion against N13.383 trillion posted on Monday.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the trend to market correction following a prolonged bearish trend.

Omordion said the trend might not be sustained due to liquidity crunch presently in the market and the economy.

A breakdown of the price movement table shows that Nigerian Breweries led the gainers’ table, gaining N5.30 to close at N111.30 per share.

Dangote Cement followed with a gain of N5 to close at N225, while Okomu Oil Palm added N4 to close at N84 per share.

The International Breweries appreciated by N3 to close at N42, while Lafarge Wapco advanced by N1.65 to close at N34.75 per share.

On the other hand, Total topped the losers’ chart, dropping by N8.70 to close at N193.30 per share.

Presco followed with a loss of 90k to close at N70.35, while UACN shed 70k to close at N14 per share.

The banking stocks dominated the trading activities for the day with Access Bank emerging the most active with an exchange of 133.07 million shares valued at N1.42 billion.

Guaranty Trust Bank came second with an account of 39.32 million shares worth N1.62 billion, while United Bank for Africa sold 22.23 million shares valued at N258.47 million.

The Zenith International Bank sold 19.962 million shares worth N533.32 million, while FBN Holdings exchanged 12.46 million shares valued at N136.69 million.

In all, investors staked N5.96 billion on 339.68 million shares traded in 4,436 deals against 314.43 million shares worth N7.03 billion achieved in 6,016 deals on Monday.

(NAN)