Dangote Cement soars NSE ASI

Market sentiments on the floor of the stock exchange turned positive on Monday as market leader, Dangote Cement, advanced by the maximum five per cent.

Specifically, the twin market performance gauges, the NSE ASI and Market capitalisation, each revved up 124 basis points. Also, petroleum stocks spurred market performance as their track the NSE Oil/Gas Index appreciated by 1.47% on the back of Conoil and Oando. However, the NSE Food/Beverage Index and NSE Banking Index lost 0.08% and 0.04% respectively.

Gainers

Dangote Cement, the nation’s biggest building materials manufacturer, spiked by N5.75 to close at N120.75 a share. Also, shares of petroleum marketers,

Conoil and Oando, buoyed by N1.24 and N0.61 to close at N26.18 and N15.30 respectively while banking majors, Guaranty Trust Bank and United

Bank forAfrica, gained N0.14 and N0.11 to close at N16.99 and N4.29 a share respectively.

Losers

Conversely, Flour Mills of Nigeria, a leading flour miller and pasta maker, plummeted by N2.50 to close at N52.50 a share. Shares of building materials manufacturer, Lafarge Cement WAPCO, plunged by N1.00 to close at N43.50 just as industry rival, Cement Company ofNorthern Nigeria, lost N0.21 to close at N4.04 a share.

Nigerian Money Market

Liquidity at the Interbank market tightened partly due to withdrawals by dealing commercial banks to cover forex demands by end users.

Consequently, NIBOR for call, 30 days, 60 days and 90 days increased to 15.33%, 15.88%, 16.13% and 16.38% respectively.

Nigerian Foreign Exchange Market

At Monday’s Wholesale Dutch Auction, the Naira depreciated against the US dollar by N0.02 to close at N155.89/USD. The Central Bank ofNigeriaoffered and sold a total of USD 300 million.

FGN Bond Market

Despite tight financial system liquidity, bond prices at the over-the-counter market appreciated for virtually all maturities. The 7-year, 9.25% FGN SEP 2014 paper, firmed by N0.25 (yield fell to 15.30%). However, the 5-year, 4.00% FGN APR 2015 debt shed N0.11 (yield climbed to 15.16%).

 

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