Dangote Cement, 17 Other Stocks Sustain Gains, Add N116bn To Market Capitalisation

The Nigerian stock market started the week in the green to sustain the pace from the last two trading sessions of last week as gains in Dangote Cement and 17 other stocks pushed the entire market up by N116 billion.
Capital market analysts said market performance was buoyed by price appreciation in Dangote Cement, ETI and Seplat. They also noted that Dangote Cement is expected to release its 2015 full-year financial results today, Tuesday, and investors are anticipating a high dividend payout.
The market capitalisation which opened at N8.336 trillion, increased by N116 billion, to close at N8.452 trillion, yesterday. Similarly, the All-Share Index appreciated by 341.94 points or 1.41 per cent to close at 24,570.73 on Monday.
Reviewing sectoral indices showed that the Industrial Goods index appreciated the most with 2.5 per cent. Similarly, Oil & Gas and Banking indices appreciated 0.6 per cent and 0.4 per cent. On the other hand, Insurance index went down by 0.6 per cent while the Consumer Goods sector lost 0.5 per cent.
Market breadth closed the same with 18 gainers and 18 losers. Dangote Cement led the gainers’ table with 5 per cent, to close at N141.75 per share. ETI followed with a gain of 4.95 per cent to close at N16.75, while Fidson advanced by 4.92 per cent to close at N2.56 per share.
Mobil gained by 4.65 per cent to close at N156.97, while Tiger Brands went up by 4.55 per cent to close at N1.38 per share.
On the other hand, Wema Bank led the laggards’ table by 7.29 per cent to close at 89 kobo per share. Oando trailed with a loss of 7.19 per cent to close at N2.97, while Ikeja Hotel declined by 4.97 per cent to close at N2.87 per share.
Conoil declined by 4.96 per cent to close at N17.43, while Dangote Sugar shed by 4.91 per cent to close at N5.23.
Analysts at Afrinvest Limited said, “We expect market performance would be driven by short term speculations and earnings expectations for full year corporate releases while we may see increased activities in stocks with good dividend paying history.”

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