September 03, (THEWILL) – The local bourse opened the month’s trading with market capitalisation surging to N36,95 trillion (against N36,42 trillion on August 31) – the highest since March 5, 2008. The NGX All-Share index climbed to 67,527.19 points from 66,548.99 points on the previous day. Transporp (+9.88% from price of N6.67) led the volume chart with 83.31m units traded while Dangote Cement (+2.72% against N369.80 price) led the value chart in deals worth N1.55 billion.
The market was buoyed on September 1, by gains in industrial heavyweight, Dangote Cement adding N369.80 (+2.72%), alongside Zenith Bank (+4.56% against share price of N34.40) and GTCO (+3.54% against N38 per share). Having gained in four of five trading sessions last week, the ASI closed 3.00% higher w/w.
Over the course of the week, strong performances across Dangote Cement (+2.72% w/w), Buafoods (+9.09% w/w) and Zenith Bank (+5.04% w/w) outweighed the selloffs in MTN Nigeria (-0.04% w/w), Nestle Nigeria (-5.98% w/w) and Stanbic IBTC (-0.78% w/w).
As a result, the year-to-date return rose to 31.76%, while the market capitalization gained N1.08tn w/w to close at N36.96 trillion.
Market breadth closed positive at a 3.40-to-1 ratio with advancing issues outnumbering declining ones. Dangote Sugar (+10.00%) topped thirty-five others on the leader’s table while GlagsowSmithKlime (-6.47%) led nine others on the laggard’s log.
About the Author
