Nigerian stocks rebound with N2.32trn gain as Dangote Cement, Oando lead rally

The Nigerian stock market rebounded on Monday, November 9, adding N2.32 trillion to investors' wealth as Dangote Cement, Transcorp Power and Oando led a heavyweight rally. Market capitalisation rose 1.44% to N163.92 trillion from N161.59 trillion in the previous trading session.

The NGX All-Share Index moved from 248,877.22 points to 252,456.74 points, also a 1.44% increase. Year-to-date return rose to 62.23%, while market capitalisation gained 64.95% over the same period.

Breadth stays negative

Despite the rebound, market breadth remained negative. Decliners outnumbered gainers 28 to 20. Thomas Wyatt fell from N2.60 to N2.35, losing N0.25 or 9.62%. UPL dropped from N4.60 to N4.20, shedding N0.40 or 8.70%. FTG Insurance declined from N1.49 to N1.38, losing N0.11 or 7.38%. TIP fell from N26.90 to N25.05, shedding N1.85 or 6.88%. Zichis dropped from N17.00 to N16.05, losing N0.95 or 5.59%.

Top gainers

Mansard Insurance rose from N11.80 to N12.95, gaining N1.15 or 9.75%. Sovereign Trust Insurance advanced from N1.95 to N2.14, adding N0.19 or 9.74%. Dangote Cement jumped from N1,341 to N1,469.90, gaining N128.90 or 9.61%. Oando increased from N33.10 to N35.90, adding N2.80 or 8.46%. Fidelity Bank rose from N23.35 to N24.95, gaining N1.60 or 6.85%. The NGX Industrial Index recorded the strongest sectoral gain of 5.68%.

Volume and value

A total of 453.31 million shares valued at N30.55 billion were exchanged in 42,891 deals. Chams led by volume 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 share sale plan

NNPC plans to sell part of its shares to Nigerians through an initial public offering, following the 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.

The rally lifted market value and year-to-date returns, with Dangote Cement, Oando and Fidelity Bank among the stocks that drove the gain.