Dangote cement post a 52-week high, investors gain N224 Billion

FLOUR MILL led 36 Gainers against 11 Losers topped by TRANSEXPR at the end of today’s sessio

By Olumide Adesina

The Nigerian Stock market kept its bullish momentum on at mid week’s trading session. The All Share Index gained 1.25% to close at 34,769.00 points, as against +0.64% recorded yesterday. Investors daily gain stood at N223.8 Billion.

• Nigerian Stock Exchange capitalization now stands at N18.176 Billion. Its Year-to-Date (YTD) returns currently stands at +29.53%.
• Nigerian bourse trading turnover on Wednesday finished fairly impressive as volume ticked up by 19.02%, as against -35.67% downtick recorded on Tuesday. TRANSCORP, ZENITHBANK, and ACCESS were the most active to boost market turnover.
• MANSARD leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
• The Market breadth closed positive as FLOURMILL led 36 Gainers as against 11 Losers topped by TRANSEXPR at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

1. FLOURMILL up 9.84% to close at N27.9
2. JBERGER up 6.94% to close at N18.5
3. DANGSUGAR up 5.90% to close at N20.65
4. DANGCEM up 2.60% to close at N205
5. AIRTELAFRI up 1.90% to close at N535

Top losers

1. TRANSEXPR down 9.38% to close at N0.87
2. OANDO down 6.55% to close at N2.71
3. INTBREW down 5.76% to close at N6.55
4. CAP down 2.93% to close at N21.5
5. UBN down 1.69% to close at N5.8

Outlook

Nigerian Stocks were fired up on all cylinders as the bulls increased their buying pressure across the market spectrum.

• Stock bulls were not short of good macros, as crude oil prices touched $48/barrel for the first time since March, coupled with recent macros coming from COVID-19 vaccine makers revealed the worse will soon be over.
• Dangote Cement’s share price reached its 52 week high, amid significant buying pressure seen lately from institutional funds. Also, other NSE30 stocks pulled off notable gains.
• Nairametrics recommends you seek the advice of a registered stockbroker when choosing stocks to buy, as recent price patterns show cyclic returns often prevail.

Olumide Adesina

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email olumide.adesina@nairametrics.com.