Investors Earn N150bn As Dangote Cement, Honeywell Gain

The Nigerian Exchange (NGX) held its bullish momentum on Wednesday with N150 billion growth, following interest in Dangote Cement, Honeywell and others.

The market capitalization closed at N20.416 trillion as the All-Share Index rose by 289.25 points or 0.74 percent to close at 39,170.95 from 38,881.70 recorded on Tuesday.

The market upturn was driven by price appreciation in large and medium capitalized stocks, including Okomu Oil, Dangote Cement, Lafarge Africa, and Honeywell Flour Mill.

Market sentiment was also positive with 25 gainers compared with 6 laggards.

Cutix topped the gainers’ chart in percentage terms with 10 percent to close at N2.53 per share.

Okomu Oil came second with 9.75 percent to close at N116.50, while Union Bank of Nigeria garnered 9.43 percent to close at N5.80 per share.

Honeywell Flour Mill improved by 8.62 percent to close at N1.26, while Associated Bus Company gained 8.11 percent to close at 40kobo per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms with 3.57 percent to close at 27kobo per share.

Jaiz Bank followed with 3.39 percent to close at 57kobo, while FCMB Group lost 1.59 percent to close at N3.10 per share.

FBN Holdings dipped 1.37 percent to close at N7.20, while AXA Mansard Insurance shed 1.19 percent to close at 83kobo per share.

Transactions in the shares of Zenith Bank topped the activity chart with 20.76 million shares valued at N476.13 million.

Sterling Bank followed with 19.38 million shares worth N31.01 million, while Guaranty Trust Bank sold 15.12 million shares valued at N432.82 million.

FBN Holdings accounted for 11.59 million shares worth N83.87 million, while Fidelity Bank transacted 11.31 million shares worth N25.49 million.

In all, the total volume of shares transacted decreased by 16.9 percent with an exchange of 181.53 million shares valued at N3.96 billion in 3,217 deals.