Cement Stocks Propel Nigerian Exchange Market Cap by N833bn

The Nigerian Exchange Limited witnessed a significant boost on Thursday, driven primarily by a rally in cement stocks. This surge added N833 billion to the market capitalisation, which climbed from N81.57 trillion to N82.4 trillion. The benchmark All-Share Index (ASI) appreciated by 1.02%, gaining 1,316.76 points to close at 130,283.84. The market’s year-to-date return now stands at 26.58%.

A total of 129 equities were traded, resulting in 30 gainers and 46 losers.

BUA Cement led the pack of advancers, rising by 10% to close at N112.20 per share. Close behind was Dangote Cement, which surged 9.99% to N473.30. Other notable gainers included Chams Holding Company (+9.96% to N3.09), FBN Holdings (First HoldCo) (+9.94% to N35.40), and ABC Transport (+9.85% to N5.69).

On the flip side, Berger Paints Nigeria Plc led the losers, shedding 10% to close at N33.75. It was followed by May & Baker Nigeria Plc (–10% to N15.30), MeCure Industries Plc (–10% to N11.70), John Holt Plc (–10% to N9.00), Hallmark Insurance Plc (–10% to N4.68), and RT Briscoe Nigeria Plc (–10% to N3.42).

The strong performance in cement stocks fueled a 9.08% jump in the Industrial Index, marking its best single-day gain in weeks. The Premium Index rose by 2.74%, while the Top 30 Index increased by 1.08%.

Trading activity remained robust with 1.19 billion shares exchanged across 37,418 deals, valued at N42.76 billion. While the trade volume dropped 4% from the previous day, the value of transactions rose by 7%, and the number of deals climbed 2%.

Access Holdings Plc led the volume chart, trading 168.10 million shares in 2,889 deals, worth N4.62 billion. It was followed by FBN Holdings Plc with 86.42 million shares in 1,454 deals valued at N3.04 billion, and Zenith Bank Plc, which posted 83.36 million shares in 2,118 deals, amounting to N6.29 billion.

Other active counters by volume included Nigerian Breweries Plc (68.57 million shares valued at N5.08 billion in 387 deals) and AIICO Insurance Plc (65.25 million shares worth N139.27 million in 817 deals).

In terms of value, Zenith Bank Plc topped with N6.29 billion, followed by Nigerian Breweries Plc (N5.08 billion), Access Holdings Plc (N4.62 billion), FBN Holdings Plc (N3.04 billion), and United Bank for Africa Plc, which traded N2.94 billion across 62.48 million shares in 2,410 deals.

This positive momentum followed a bullish performance on Wednesday, when the Exchange gained N1.44 trillion in market capitalisation and the All-Share Index surged by 2,277.54 points (1.8%) to close at 128,967.08.