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Market rebounds as cement stocks attract high demand

By on August 7, 2014

The Nigerian equities market closed on a positive note yesterday after three days of losses. The market had witnessed a downward trend since last week as investors reacted negatively to half year results of some companies.

However, the negative trend was reversed yesterday as the  benchmark gauge of the market, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 1.18 per cent, the highest daily gain since May 2014, to close at 42,292.93.

Market capitalisation also  added N162 billion to close at N13.965 trillion in a day that cement stocks enjoyed high demand.

Equities of the four listed cement companies appreciated, led by Cement Company of Northern Nigeria Plc in percentage terms. The stock, which is riding on the waves of its impressive half year financial results, went up 9.7 per cent or N1.29 to lead the overall gainers table and closed at N13.27 per share.

Lafarge Cement WAPCO Plc rose by 2.4 per cent or N2.98 to close at N124 per share, while Ashaka Cement Plc went up by 1.19 per cent or 40 kobo to close at N32.50 per share. Dangote Cement Plc rose by 1.17 per cent or N229 per share. In all, 35 stocks appreciated compared with only 13 that depreciated.

All the five NSE sectoral indices appreciated led by the industrial index on the account of gains by cement companies. The index rose by 1.77 p cent, followed by consumer goods index with a 1.66 per cent. Insurance index added 0.71 per cent, while the oil/gas and banking indices also appreciated by 0.99 per cent and 0.51 per cent respectively.

Apart from the cement stocks, Guinness Nigeria Plc, Mobil Oil Nigeria Plc, Nigerian Aviation Handling Company Plc, Pharma Deko Plc and Seplat Petroleum Development Company Plc appreciated by five per cent apiece.
On the other hand, Northern Nigerian Flour Mills Plc led the price losers chart with 4.9 per cent, trailed by Prestige Assurance Plc with 3.7 per cent. ABC Transport Plc declined by 3.4 per cent.
However, volume of shares traded declined by 10.65 per cent to 257.01 million shares, worth N3.64 billion exchanged in 5,788 deals.

 

 

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