Home Companies&Markets Equities: Buying interest in DANGCEM ensured market closed higher

Equities: Buying interest in DANGCEM ensured market closed higher

NGX Exchange Trading Floor

THUR 22 JULY, 2021-theGBJournal- Trading in the local bourse was negative for most of the day; however, late buying interest in DANGCEM (+7.8%) following the second tranche of the company’s proposed share buyback ensured the market closed higher.

Precisely, the All-Share Index advanced by 1.7% to 38,585.52 points – the biggest gain since 29th April 2021 (1.8%). Accordingly, the Month-to-Date gain increased to +1.8%, while the Year-to-Date loss moderated to -4.2%.

The total volume of trades declined by 56.1% to 203.11 million units, valued at NGN1.72 billion, and exchanged in 3,969 deals. STERLNBANK was the most traded stock by volume at 22.49 million units, while GTCO was the most traded stock by value at NGN392.12 million.

Sectoral performance was broadly positive – the Industrial Goods (+4.1%), Oil and Gas (+3.1%), Banking (+0.3%), and Consumer Goods (+0.1%) indices recorded gains. In contrast, the Insurance (-1.9%) index declined.

As measured by market breadth, market sentiment was positive (1.7x), as 20 tickers gained, relative to 12 losers. TOTAL (+10.0%) and CUTIX (+9.8%) recorded the most significant gains of the day, while AIICO (-8.7%) and SOVRENINS (-6.5%) topped the losers’ list.

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