Nigerian Exchange gains 2,320 billion nairas, lifted by Dangote Cement
By the AFREEQUE newsroom, based on ThisDay
The Nigerian Exchange gained 2,320 billion nairas in a single session, with the All-Share index rising 1.44% to 252,456 points, driven by a 9.61% jump in Dangote Cement. Market capitalisation stood at 163,920 billion nairas, according to Nigerian Exchange data reported by This Day.
The Nigerian Exchange gained about 2,320 billion nairas in a single session, with the All-Share index of the Nigerian Exchange Limited (NGX ASI) rising 1.44% to close at 252,456.74 points, according to ThisDay. Market capitalisation stood at 163,920 billion nairas, with the index moving back above the 250,000-point threshold.
The rise was driven by Dangote Cement, which jumped 9.61% to close at 1,469.90 nairas per share, alongside Oando (+8.46%, at 35.90 nairas) and Fidelity Bank (+6.85%, at 24.95 nairas). AXA Mansard Insurance led the gainers with a rise of 9.75% to 12.95 nairas. Market breadth nevertheless remained negative, with 20 stocks up against 28 down, and traded volume fell 20% to 453.31 million units, worth 30.55 billion nairas.
Cowry Assets Management estimates that sustained demand for large caps could fuel further gains, while judging that the market's negative breadth and persistent profit-taking could limit the overall advance.
This positive session comes after a week of decline, with the Nigerian market having lost 3.52 trillion nairas last week, as reported by our edition of 7 November. It follows projections published the day before that the Nigerian Exchange could exceed 200,000 billion nairas by the end of 2026.
