JAN 24, 2019: NIGERIA: DANGCEM PULLS WEIGHT

The coast was virtually clear for Dangote Cement to pull its weight at the Nigerian Stock Exchange as it led price gains in a solo run amidst lower Naira margin of drops as well.

The All share index closed up 0.36% to 30,989.60  mainly as DangCem paced 27 price gains against 20 price drops led by  Cement Company of Northern Nigeria (CCNN).

DangCem was the only gainer with above N1 per share lift. While closing at N192 per share compared to N190 per share on Wednesday, it rose N2 or 1.05% per share as it witnessed 41 deals for 0.324m shares valued at N61.870m.

Closest to it was Guaranty Trust Bank which rose by N0.6 or 1.82% per share while 12.263m of its shares were exchanged in 246 deals worth  N411.458m.

CCNN too led price drops with a solo N1 or 4% per share decline to N25 per share on Wednesday to N24 while 47 deals were struck for 0.787m shares valued at N18.772m.

Union Bank of Nigeria ended at 2nd place amongst top 5 drops with N0.6 or 8.89% per share decline amidst 32 deals that resulted in the exchange of 0.284m units worth N1.763m.

Of course, Wednesday's top traded volume was hard to duplicate as no trade crossed 40m shares compared to previous day when offloads in Access Bank and UBA crossed this line very comfortably.

In the end, 3766 deals for 268.265m shares were sealed for N3.145bn as against 3405 deals involving 376.261m shares worth lower N2.967bn.

Zenith Bank set the pace for all 3 trade indicators: Number of deals, traded volume and traded value. It recorded 458 deals for 36.473m shares worth N806.505m while closing up N0.15 per share. 

In terms of both number of deals and volume, UBA followed with 331 deals for 31.640m shares worth 3rd ranked N232.344m.

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