Nigerian Stock Market Rebounds, Adds N2.32 Trillion As Dangote Cement Leads Rally

• The Nigerian stock market rebounded on Monday, November 9, gaining N2.32 trillion as market capitalisation rose by 1.44% to N163.92 trillion
• Dangote Cement, Transcorp Power and Oando led the rally, while the NGX Industrial Index recorded the strongest sectoral gain of 5.68%
• Mansard Insurance, Sovereign Trust Insurance and Dangote Cement were among the top gainers, while Chams and First HoldCo led trading activity by volume

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks and general market trends.

The Nigerian stock market rebounded strongly on Monday, November 9, adding N2.32 trillion to investors' wealth as heavyweight stocks, including Dangote Cement, Transcorp Power and Oando, recorded significant gains.

Data from the Nigerian Exchange (NGX) showed that market capitalisation increased by 1.44% to N163.92 trillion from N161.59 trillion recorded in the previous trading session.

The NGX All-Share Index (ASI) also advanced from 248,877.22 points to 252,456.74 points, representing a 1.44% increase.

Read also

Nigerian Exchange closes week higher as 10 companies' stocks lead gainers table

The market's year-to-date return rose to 62.23%, while market capitalisation recorded a 64.95% gain over the same period.

Despite the strong rebound, market breadth remained negative, with 28 stocks declining against 20 gainers.

NGX top losers

• Thomas Wyatt fell from N2.60 to N2.35, losing N0.25 (–9.62%).
• UPL dropped from N4.60 to N4.20, shedding N0.40 (–8.70%).
• FTG Insurance declined from N1.49 to N1.38, losing N0.11 (–7.38%).
• TIP fell from N26.90 to N25.05, shedding N1.85 (–6.88%).
• Zichis dropped from N17.00 to N16.05, losing N0.95 (–5.59%).

NGX top gainers

• Mansard Insurance rose from N11.80 to N12.95, gaining N1.15 (+9.75%).
• Sovereign Trust Insurance advanced from N1.95 to N2.14, adding N0.19 (+9.74%).
• Dangote Cement jumped from N1,341 to N1,469.90, gaining N128.90 (+9.61%).
• Oando increased from N33.10 to N35.90, adding N2.80 (+8.46%).
• Fidelity Bank rose from N23.35 to N24.95, gaining N1.60 (+6.85%).

Most active stocks on NGX

A total of 453.31 million shares valued at N30.55 billion were exchanged in 42,891 deals.

Read also

Nigerian equities extend losses as market capitalisation falls to N161.59trn

• Chams led with 72.61 million shares valued at N222.64 million.
• First HoldCo traded 42.14 million shares worth N4.56 billion.
• Access Holdings exchanged 39.01 million shares valued at N1.06 billion.
• Japaul Gold recorded 33.11 million shares worth N80.59 million.
• Honeywell Flour Mills traded 25.11 million shares valued at N728.59 million.

NNPC moves to sell shares to Nigerians

Earlier, Legit.ng reported that Nigeria’s state-owned oil company, Nigerian National Petroleum Company Limited (NNPC), has unveiled plans to sell part of its shares to Nigerians through an initial public offering (IPO), following the historic public share sale by Dangote Petroleum Refinery.

The proposed listing could allow ordinary Nigerians and institutional investors to own a stake in the national oil company for the first time.

NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed the plans.

Source: Legit.ng