Wednesday, February 28, 2024
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Equity market cap nears N60tn



The market capitalisation of the Nigerian Exchange gained about N1.24tn at the end of Monday’s trading to close at N57.28tn, bringing it closer to the historic N60tn mark.

That was as the market value of Dangote Cement rose by 9.93 per cent to hit N13tn from N11.8tn at the close of trading on Friday. Also, Dangote Sugar Refinery Plc joined the ranks of companies worth N1tn as its share rose to N82.65.

The benchmark index of the exchange, All-Share Index went up by 2.22 per cent to close at 104,674.67 points. The year-to-date gains also improved to 39.99 per cent.

Market breadth, which is the measure of investors’ sentiment, was negative compared to the previous day’s market breadth, as reflected in 25 gainers and 39 losers.

Oando led the gainers, appreciating 9.96 per cent to close at N13.80, Dangote Cement was up 9.93 per cent to close at N763 and Tripple G added 9.89 per cent to close at N3.11.

Inversely, Daar Communications and Ikeja Hotel shed 10 per cent each to close at N0.81 and N6.75, respectively, to top the losers’ table.

Cadbury, which recorded a N27bn loss in the 2023 financial year, depreciated by 9.80 per cent to close at N20.70  and the NPF Microfinance Bank lost 8.88 per cent to close at N1.95.

The volume and value drivers of the day’s market trend were led by JapaulGold, Dangote Cement, Transcorp, United Bank for Africa, Zenith Bank and Guaranty Trust Holding Company Plc.

At the close of trading, the transaction volume stood at 683.93 million, which was higher compared to 519.39 million traded the previous day.

The value of trade was N25.93bn from the 15,887 deals executed.

Analysts have projected that the bullish run in the market would be sustained in the new week as the market eagerly awaits more corporate earnings releases.

However, there may be a possibility of profit-taking as investors engage in sectoral rotation, capitalising on stocks that experience pullbacks to position themselves strategically.



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