Cement Stocks Drive NGX to N833bn Gain

The Nigerian Exchange Limited (NGX) gained momentum on Thursday as cement stocks pushed the market capitalisation higher by N833bn, buoyed by strong investor interest.

The benchmark All-Share Index rose by 1.02 per cent or 1,316.76 points, closing at 130,283.84, while the market capitalisation climbed to N82.4tn from N81.57tn the previous day.

The year-to-date return for the All-Share Index now stands at 26.58 per cent.

In total, 129 equities participated in Thursday’s trading, ending with 30 gainers and 46 losers.

Leading the rally was BUA Cement, which appreciated by 10 per cent to close at N112.20 per share. It was followed closely by Dangote Cement, which gained 9.99 per cent to close at N473.30 per share. Chams Holding Company rose by 9.96 per cent to N3.09, while FBN Holdings Plc (First HoldCo) increased by 9.94 per cent to N35.40. ABC Transport also recorded a gain of 9.85 per cent, closing at N5.69 per share.

On the losers’ chart, Berger Paints Nigeria Plc led with a decline of 10 per cent to close at N33.75. It was followed by May & Baker Nigeria Plc, which dropped by 10 per cent to N15.30; MeCure Industries Plc, which fell by 10 per cent to N11.70; John Holt Plc, down 10 per cent to N9.00; Hallmark Insurance Plc, which shed 10 per cent to N4.68; and RT Briscoe Nigeria Plc, which declined by 10 per cent to N3.42.

The cement-led rebound also drove the Industrial Index up by 9.08 per cent, its strongest single-day performance in weeks. The Premium Index rose by 2.74 per cent, while the Top 30 Index advanced by 1.08 per cent.

Trading activity remained strong with 1.19 billion shares traded in 37,418 deals, valued at N42.76bn. Although volume dipped by 4 per cent compared to the previous session, turnover rose by seven per cent, and the number of deals increased by two per cent.

Top trading activity on the Nigerian Exchange on Thursday saw Access Holdings Plc lead the volume chart with 168.10 million shares traded across 2,889 deals, valued at N4.62bn.

It was followed by FBN Holdings Plc (First HoldCo) with 86.42 million shares exchanged in 1,454 deals, worth N3.04bn, and Zenith Bank Plc, which recorded 83.36 million shares in 2,118 deals, valued at N6.29bn.

Other major volume movers included Nigerian Breweries Plc, with 68.57 million shares worth N5.08bn in 387 deals, and AIICO Insurance Plc, which traded 65.25 million shares valued at N139.27m in 817 deals.

On the value side, Zenith Bank Plc topped the chart with N6.29bn worth of shares traded, followed by Nigerian Breweries Plc with N5.08bn, Access Holdings Plc with N4.62bn, FBN Holdings Plc with N3.04bn, and United Bank for Africa Plc, which recorded N2.94bn worth of shares traded across 62.48 million units in 2,410 deals.

On Wednesday, the Nigerian Exchange maintained its bullish trajectory, adding N1.44tn in market capitalisation as buying interest in blue-chip stocks pushed the All-Share Index up by 2,277.54 points, or 1.8 per cent to close at 128,967.08 points.