Dangote Cement Shares Trade in $350m Off-Market Deal

Some 550 million shares of Dangote Cement were sold at 225.7 naira each on Monday in a one-off stock market deal valued at $350 million, traders said.

Traders told Reuters it was negotiated in a deal between seller Meristem Stockbrokers Ltd and buyer CSL Stockbrokers Ltd. Dangote Cement’s shares last trading price was 238.99 naira by market close.

The stock fell 4.17 percent on Monday.

Again, Bears Pounce on the Capital Market

The positive performance recorded on the last trading day of the previous week reversed today as the benchmark index was dragged by sell offs in DANGCEM (-4.2%). Consequently, the All Share Index lost 1.2% to settle at 37,980.67 points while YTD return reduced to 41.2%. Ex- DANGCEM the ASI would have appreciated. Investors lost N162.1bn as market capitalization fell to N13.5tn. Similarly, activity level softened as volume and value traded declined 52.5% and 58.4% to 202.0m units and N3.8bn respectively.

Banking Index Emerges Lone Gainer

Weekly Market Report

Global Equity Market Review and Outlook
Performance of the global equity markets under our coverage was mixed, albeit skewed towards the red as benchmark indices in developed markets outperformed whilst indices in the emerging markets lagged. In the commodities market, despite the threat posed by the increasing output of US Shale, oil prices trended 11bps northwards W-o-W as Brent Crude settled at US$63.38/b (as of writing).

DANGCEM Drags Down Benchmark Index

Photo L-R: Hon. Suraj Adekunbi, Speaker, Ogun State House of Assembly; Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Senator Ibikunle Amosun, Executive Governor, Ogun State; Abimbola Ogunbanjo, President, NSE and Abayomi Shobande, Head of Service, Ogun State during a Closing Gong Ceremony at The Exchange on Thursday.

Stock Market Suffers Dead Cat Bounce

The gain recorded in the Nigerian equities market yesterday, can be viewed as a “dead cat bounce" as the benchmark index continued on its downward trend today. The All Share Index shed 1.0% to settle at 38,534.64 points while YTD return retreated to 43.4%. Accordingly, market capitalization fell by N135.8bn to N13.4tn. Price depreciations in large cap stocks - GUARANTY (-4.8%), ZENITH (-3.9%), NIGERIAN BREWERIES (-2.6%) and DANGCEM (-0.5%) were the major drags to market performance.

Equities Halt Bearish Run

The Nigerian equities market rebounded on Tuesday, albeit a marginal gain, following a 2-day negative trend as the All Share Index (ASI) rose 3bps to close at 38,924.63 points while YTD gain stood at 44.8%. Accordingly, market capitalization increased by N3.7bn to N13.6tn. Today’s performance can be majorly accorded to buy interest in UBN (+10.0%), DANGSUGAR (+3.9%) and GUARANTY (+0.6%). Similarly, activity level improved as volume and value traded increased 32.0% and 445.4% to 462.7m units and N26.8bn respectively.

Market Opens Lower on Profit Taking

In line with expectation, the equities market opened the week negative as the All Share Index fell 88bps to 38,913.99 points while YTD return retreated to 44.8%. Consequently, investors lost N119.6bn in value as market capitalization settled at N13.6tn. Market performance today can be primarily attributed to profit taking in bellwether Industrial Goods and Banking stocks - DANGCEM (-1.7%), ZENITH (-3.3%) and UBA (-5.0%). In the same vein, activity level declined as average volume and value fell 33.9% and 4.0% to 350.6m units and N4.9bn respectively.

Bullish Run Extends to Seventh Consecutive Trading Session

The bullish run in the Nigerian equities market extended into the seventh consecutive trading session on Thursday as the All Share Index rose by 1.2% to settle at 39,534.14 points while YTD return improved to 47.1%. Accordingly, market capitalization added N159.8bn to close at N13.8tn. The day’s positive performance can be majorly attributed to sustained buying interest in NIGERIAN BREWERIES (+2.2%), NESTLE (+6.0%) and ZENITH (+5.6%). Likewise, activity level improved as volume and value traded grew 50.6% and 39.2% to 1.1bn units and N10.2bn respectively.

Market All-Share Index hits 39,000 Basis Points

The Nigerian Equities market recorded a positive close for the 6th consecutive trading session on Wednesday, as the benchmark index added 151 basis points (bps) to settle at 39,075.30 points – 37-month high. Consequently, YTD return of the All Share Index (ASI) expanded to 45.4% as market capitalisation increased by N202.3bn to N13.6tn. Similar to the previous session, positive market performance was spread across sectors, although the largest contributors were banking stocks- ZENITH (+4.1%), UBA (+5.8%), and GUARANTY (+0.1%) - as well as  DANGCEM (+0.4%) and NIGERIAN BREWERIES (+1.7%).