Equity Market Records Highest February Gain, Adds N842bn
Dangote Cement and Sunu Assurances Nigeria emerged as the top gainers on the Nigerian Exchange at the close of trading on Thursday.
Dangote Cement emerged as the top gainer, appreciating by 10 per cent to close at N474.10 per share. The surge in Dangote Cement’s share price significantly contributed to the overall market’s positive performance, driven by increased investor demand and positive market sentiment.
Sunu Assurances Nigeria followed closely with a 10 per cent increase, closing at N6.27 per share. The insurance firm maintained its upward trajectory, benefiting from investor confidence and strategic positioning within the insurance sector.
Regency Alliance Insurance also recorded a 10 per cent gain, closing at N0.77 per share. This growth is attributed to positive sentiment in the insurance industry and increased buying interest in low-priced stocks.
Haldane McCall jumped by 9.98 per cent to close at N5.51 per share, continuing its bullish run from the previous trading sessions.
PZ Cussons Nigeria Plc appreciated by 9.96 per cent, closing at N25.95 per share, reflecting investor confidence in its growth prospects and strong market fundamentals.
Honeywell Flour Mills rose by 9.95 per cent to close at N13.92 per share, driven by increased demand and positive performance in the consumer goods sector.
Bottom Losers
On the losing side, Golden Guinea Breweries led with a 9.91 per cent decline, closing at N7.09 per share. which is attributed to profit-taking by investors after previous gains.
Linkage Assurance followed, losing 6.76 per cent to close at N1.38 per share, affected by sell-offs in the insurance sector.
Eterna Plc declined by 6.57 per cent, closing at N45.50 per share, as investors reacted to fluctuations in the oil and gas market.
Computer Warehouse Group shed 6.36 per cent to close at N8.10 per share, while Chams Plc fell by 3.75 per cent to N2.31 per share. Mansard Insurance also declined by 3.58 per cent, closing at N9.16 per share.
Market Summary
A total of 427.08 million shares valued at N9.20bn were traded in 16,342 deals. Despite an eight per cent decline in volume and a 10 per cent decrease in turnover compared to the previous trading day, the number of deals increased by five per cent, reflecting heightened market activity.
The NGX All-Share Index gained 1.25 per cent to close at 109,172.03 points, contributing to a year-to-date growth of 6.07 per cent. The market capitalisation now stands at N68.1tn, highlighting strong investor sentiment and strategic buying in key sectors.
Economic Confidential reported that equity investors gained N779bn on the Nigerian Exchange Limited on Wednesday as the market capitalisation rose to N67.3tn from N66.5tn recorded in the previous trading session, nearing the N70tn mark.
