Dangote Cement Rescues Equities Market to Trade Flat

Higher demand for Dangote Cement today saved the Nigerian equities market from huge loss, allowing the benchmark index a marginal 0.01 percent fall.
There was counteracted sell pressure on all other counters, said Cordros Capital Limited.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed at 41,750.38 points, while the market capitalization declined N926.71 million to close at N13.79 trillion; on the back of losses in the Consumer goods index.
Four of the five NSE sectoral indices recorded declines. The Consumer goods index led the losers chart with a 1.09 percent decline, the Oil/Gas index followed as it dipped by 0.88 percent, the Banking index also fell by 0.84 percent, and the Insurance index fell by 0.06%. On the other hand, the Industrial index gained 1.00 percent.
Market breadth was negative as 27 losers outweighed 18 gainers. Volume traded declined by 15.37 percent to 207.93 million shares, worth N2.24 billion and traded in 4,785 deals.
Given the declines in the last few trading session and relatively more attractive pricing, we maintain a positive bias for tomorrow’s session although we acknowledge the bearish impact of the muted first half earnings.

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