Dangote Cement Boosts NSEASI Up +0.27% Amid Positive Sentiments

Oscar Onyema, CEO, Nigerian Stock Exchange (NSE)

June 2, 2020

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian equities market on Tuesday closed positive  as the NSEASI gained +0.27 percent to close at 25,383.43 basis points; boosted by activities in Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc.

InvestmentOne reports at the end of the trading session on the Nigerian Stock Exchange (NSE) market breadth index was slightly positive with 20 gainers compared to 18 losers.

Pharmaceutical firm, Neimeth International Pharmaceuticals Plc with a gain of   +9.84 percent led the gainer’s chart while, insurer, Prestige Assurance Plc with a loss of  -10.00 percent emerged the worst loser.

According to the report, beer producer, Nigerian Breweries Plc was the most actively traded stock with about 50million units of shares worth about N2.22billion.

In terms of sector performance, InvestmentOne reports the NSE Industrial index gained 0.20 percent due to the buy-interest in the shares of Dangote Cement Plc which gained  +1.44 percent.

On the contrary, the NSE Consumer Goods index fell by 0.13 percent, due to the negative sentiments in the shares of brewer, Champion Breweries Plc and soap and detergent manufacturer, PZ Cussons Nigeria Plc; both declined -9.09 percent and -3.64 percent each, while sugar refiner, Dangote Sugar Refinery Plc and Honeywell Flour Mills Plc; both dipped -0.71 percent and -1.00 percent respectively.

In the same vein, the NSE Banking index decreased by 0.09 percent, as a result of the sell-offs in the shares of Union Bank of Nigeria Plc and Jaiz Bank Plc; both depreciated  8.21 percent and -4.41 percent apiece, while Sterling Bank Plc and First City Monument Bank dropped by 3.62 percent and -3.33 percent each, and Access Bank Plc lost -1.39 percent. The NSE Oil & Gas index closed Flat.

  Performance of key stocks

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

7.10

-1.39%

0.00%

2

DANGCEM

141.00

1.44%

1.44%

3

FBNH

5.45

0.00%

1.87%

4

FIDELITYBK

1.88

-1.05%

0.00%

5

GUARANTY

25.10

2.24%

4.58%

6

MTNN

116.50

0.43%

0.43%

7

UBA

6.80

0.74%

2.26%

8

SEPLAT

476.40

0.00%

0.00%

9

ZENITHBANK

17.10

0.29%

1.18%

10

OKOMUOIL

64.00

0.00%

0.00%

Source: InvestmentOne Research

“The equities market closed up due to the positive sentiment in DANGCEMWhile we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could continue to weigh in on equities market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term investment horizon,” the InvestmentOne report added.

Leave a Comment

Your email address will not be published. Required fields are marked *

*