Emmanuel OchayiIn a stunning surge, Dangote Cement continued its bullish streak, propelling beyond the N10 trillion market cap milestone, securing its place as the first Nigerian company to achieve such financial heights.
The NGX witnessed a 1.31% uptick, reaching an unprecedented All-Share Index of 95,768.12 points, up by 1,230 points from last week.
Market dynamics showcased a robust climb in equities, adding N673 billion to the market cap, which now stands at N52.41 trillion.
Despite a 14.5% dip in trading volume to 721.81 million units, the market’s resilience was evident with a 1.31% appreciation.
Noteworthy is the 9.99% gain by Dangote Cement, contributing to the overall market rally.
However, the broader market experienced a nuanced day, with some top-tier stocks displaying mixed performances. While DANGCEM soared, others like UBA, ZENITHBANK, ACCESSCORP, and MTNN faced marginal declines.
The top gainers on the trading floor included SUNUASSUR (+10.00%), DANGCEM (+9.99%), TRIPPLEG (+9.81%), ETERNA (+9.80%), and CUTIX (+8.89%). Conversely, FLOURMILL, CADBURY, UPL, MCNICHOLS, SOVRENINS, and JAIZBANK grappled with a 10.00% decrease.
In the realm of high-value transactions, NESTLE led with N1.97 billion in trade, trailed closely by MTNN with N1.76 billion. Interestingly, DANGCEM, despite its impressive gain, clocked in at N1.20 billion in trading value.
As the market continues its bullish trajectory, eyes remain on key players and the ever-evolving landscape of the Nigerian Stock Exchange.
The question lingers: will Dangote Cement’s historic leap pave the way for sustained growth, or are there storm clouds on the horizon for top-tier stocks? Investors watch with bated breath as the market dances on the fine line between exuberance and caution.
