Nigerian stocks extend winning streak as index rises 0.41% on Dangote Cement boost

The Nigerian Exchange (NGX) sustained its positive momentum on Wednesday, as gains in Dangote Cement and 36 other equities lifted the market for the fourth straight session.

The All-Share Index advanced by 0.41% to close at 140,365.36 points, up from 139,796.11 points the previous day. Market capitalisation also appreciated by N360 billion, ending at N88.813 trillion compared to N88.453 trillion.

In total, 768 million shares worth N40.6 billion were traded in 24,837 deals.

Market breadth

The market closed with a positive breadth as 37 gainers outperformed 26 losers.

Top gainers

FTN Cocoa and Chellarams led the advancers’ chart, each rising by the maximum 10% to close at N5.40 and N11.00 respectively. Berger Paints, Sunu Assurance, and Livestock Feeds also posted strong gains of over 8%.

Top losers

On the flip side, May & Baker topped the decliners’ table, shedding 9.97% to close at N16.25 from N18.05. Union Dicon, C&I Leasing, and Thomas Wyatt followed with losses of 9.72%, 7.69%, and 7.04% respectively.

Volume drivers

FCMB emerged as the day’s most active stock, trading 288 million shares valued at about N3 billion in 559 deals.

Nigerian Breweries exchanged 50 million shares worth N3.5 billion in 283 deals.

Aradel traded 43 million shares valued at N23 million across 545 deals.