Dangote Cement, 18 other stocks spur market uptrend
Though on a milder note, Nigerian equities joined a global rally on Monday that began in Asia as investors set aside concern about escalating political tensions to focus on the coming earnings season.
Dangote Cement Plc, led the rally after its share price gained N2 or 0.89percent from N225 to N227. At the close of trading, 19 stocks gained as against 25 losers. The value of listed Nigerian stocks moved up from N13.630trillion to N13.637, indicating an increase of N7billion.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) also increased by 0.06percent to 37,647.93 points from 37,625.59 points the preceding trading day. The stock market’s Year-to-Date (YtD) returns stood negative at -1.56percent. In 3,422 deals, stock traders exchanged 155,172,476 units valued at N1.991billion. Access Bank Plc, Zenith Bank Plc, FBNHoldings Plc, Transcorp Plc, and United Bank for Africa Plc were actively traded stocks on the Nigerian bourse.
“This week we expect investors to take advantage of bargain hunting opportunities in some market bellwethers following their attractive entry prices”, said analysts at Lagos-based Afrinvest in their stock recommendation for the week.
The analysts’ equity-watch list for the month of July remains Guaranty Trust Bank Plc, Dangote Cement Plc, Okomu Oil Palm Plc, Zenith Bank Plc and Nigerian Breweries Plc.
Flour Mills Nigeria Plc also advanced after its share price gained 80kobo or 2.61percent, from N30.7 to N31.5. Forte Oil Plc gained, from N26.35 to N27.15, also up by 80 kobo or 3.04percent. Cement Company of Northern Nigeria Plc rose from N22.25 to N22.9, up by 65kobo or 2.92percent. Julius Berger Nigeria Plc rallied from N29.5 to N30, up by 50kobo or 1.69percent.
NASCON Plc led the losers table after its share price declined from N21.8 to N20.65, down by N1.15 or 5.28percent. Lafarge Africa Plc followed after its share price declined from N39 to N38, down by N1 or 2.56percent. Stanbic IBTC Holdings Plc also lost its share price, from N52 to N51, down by N1 or 1.92percent. Dangote Sugar Refinery Plc declined from N18.5 to N17.8, down by 70kobo or 3.78percent, while Conoil Plc lost 50kobo, from N27.5 to N27, down by 1.82percent.
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