The Nigerian stock market opened the week on a positive note, adding N2.32 trillion in market value as strong demand for Dangote Cement shares lifted the benchmark index.
The Nigerian Exchange Limited All-Share Index rose by 3,579.52 points, or 1.44 per cent, to close at 252,456.74 points.
The rally was driven largely by Dangote Cement, whose share price climbed 9.61 per cent to N1,469.90. The market’s total capitalisation also increased to N163.92 trillion, pushing the index above the 250,000-point mark.
However, market breadth remained negative, with 20 stocks recording gains against 28 decliners.
AXA Mansard Insurance led the gainers, rising 9.75 per cent to close at N12.95 per share. Sovereign Trust Insurance followed with a 9.74 per cent gain to N2.14.
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Other major gainers included Oando, which advanced 8.46 per cent to N35.90, and Fidelity Bank, which gained 6.85 per cent to close at N24.95.
On the losing side, Thomas Wyatt Nigeria led with a 9.62 per cent decline to N2.35 per share. University Press fell 8.70 per cent to N4.20, while Fortis Global Insurance dropped 7.38 per cent to N1.38.
The Initial Plc declined 6.88 per cent to N25.05, while Zichis shed 5.59 per cent to close at N16.05 per share.
Trading activity weakened during the session, as total volume fell by 20 per cent to 453.31 million shares. The shares were valued at N30.55 billion and traded in 42,891 deals.
Cowry Assets Management Limited said sustained demand for large-cap stocks could support further market gains. However, it warned that negative market breadth and continued profit-taking could limit the market’s upward momentum.
