Nigerian Stock Market Adds ₦309bn as Investors Snap Up Dangote Cement and Blue-Chip Shares

The Nigerian stock market closed firmly in positive territory on Tuesday, adding a hefty ₦309 billion to its value as investors renewed their appetite for Dangote Cement Plc and other large-cap stocks. The buying interest helped the Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) climb by 489.45 points, or 0.35 per cent, to end the session at 142,036.23 basis points. Month-to-date and year-to-date returns now stand at +0.1 per cent and +38 per cent respectively, underlining the strong performance so far this year.

Market capitalisation rose in tandem with the index to close at ₦89.865 trillion. Dangote Cement led the charge with its share price appreciating by 0.98 per cent to ₦516.20 per share. Analysts said the renewed demand for the cement giant signalled growing investor confidence in the industrial goods sector amid expectations of higher infrastructure spending.

Performance across sectors was mixed. The NGX Oil & Gas Index advanced 2.6 per cent, consumer goods gained one per cent and industrial goods edged up 0.1 per cent. However, insurance stocks fell 1.6 per cent while the banking index dipped 0.2 per cent, reflecting selective profit-taking. Market breadth stayed negative overall, with 26 gainers against 32 decliners.

Among the top performers, Chellarams Plc surged 9.77 per cent to close at ₦14.60 per share, while Austin Laz & Company gained 9.67 per cent to ₦2.95. The Initiates Plc (TIP) rose 8.08 per cent to ₦12.97, Sovereign Trust Insurance added 7.37 per cent to ₦3.06, and Aradel Holdings climbed 6.97 per cent to ₦583.00 per share. On the flip side, Guinea Insurance led the laggards, dropping 9.70 per cent to ₦1.49 per share, followed by Cornerstone Insurance, Legend Internet, Deap Capital Management & Trust, and Thomas Wyatt Nigeria, which all recorded notable losses.

Trading activity was brisk, with total volume jumping 142 per cent to 1.005 billion units valued at ₦24.655 billion across 23,281 deals. Abbey Mortgage Bank topped the activity chart, exchanging 401.065 million shares worth ₦2.727 billion. Fidelity Bank followed with 254.810 million shares valued at ₦5.274 billion, while United Bank for Africa (UBA), FBN Holdings and Access Holdings also featured prominently among the most-traded stocks.

source: This day