03 January 2016, Lagos — Gains recorded in Dangote Cement stock on the Nigerian Stock Exchange, NSE, has pushed the entire market up by N351 billion.
Dangote Cement stock alone control over 25 per cent of the entire 190 equities quoted on the bourse.
As a result of this, Dangote Cement share gained 8.59 per cent per share at the end of Thursday trading.
The share of Dangote Cement alone can determine entire market direction which it reflected on Thursday.
Equities value on the bourse rose by 3.81 per cent to close at N9.553 trillion from N9.202 trillion.
However, the NSE All Share Index also rose by 1,014.59 basis points from 26,763.24 points to 27,777.83 points.
Market breadth closed positive as Dangote Cement Plc led 33 as against 23 gainers on Tuesday while 15 losers were recorded against 29 losers topped by E-Transact Plc at the end of the trading which was improved performance when compared with previous outlook.
Financial sector was the most active to boost market turnover as African Insurance Plc led with 1.250 billion units valued at N625.000 million. It was followed by FBN Holding Plc with 46.595 million units worth N228.459 million, Sterling Bank Plc traded 15.606 million units valued at N27.917 million, MTI Plc traded 10 million units at N5 million and Guaranty Trust Bank Plc with 79.527 million units worth N173.033 million units.
Top on gainers’ log was Dangote Cement Plc with a gain of 8.59 per cent to close at N164.95 kobo. Others include FBN Holdings Plc with 7.61 per cent to close at N5.09 kobo, Unity Bank Plc with 6.86 per cent to close at N1.09 kobo per share, Union Bank of Nigeria Plc with 5.00 per cent to close at N6.30 kobo and Stanbic IBTC Plc with a gain of 5.00 kobo to close at N15.75 kobo per share.
On the other hand E-Tranzact Plc topped losers chart with 5.00 per cent to close at N3.04 kobo, NAHCO Plc with 4.99 per cent to close at N3.43 kobo per share, Transcorp Hotel Plc with 4.92 per cent to close at N45.80 kobo, Diamond Bank Plc with 2.13 per cent to close at N2.30 kobo and FCMB Plc with 1.79 per cent loss to close at N1.65 kobo per share.
*Kayode Ogunwale – Daily Independent