Business
NGX Hits Record High as Dangote Cement Shares Jump 9.8%
The Dangote Cement rally helped Nigeria’s stock market gain N1.75 trillion, pushing NGX market capitalisation to a record N164.91 trillion
Also read: Dangote Group Plans $45bn Expansion, Targets $100bn Revenue
The market’s total value rose from N163.16 trillion recorded on Monday, October 26, as the All-Share Index advanced by 1.07 per cent to close at a new high of 253,990.06 points.
According to market data cited in the report, the index gained 2,699.52 points from its previous close of 251,290.54 points.
Dangote Cement was among the major contributors to the positive performance, with its share price rising by 9.80 per cent to close at N1,341.90, up from N1,222.10.
Several other stocks also recorded significant gains during the session.
UPDC Real Estate Investment Trust led the gainers with a 10 per cent increase, closing at N19.25 from N17.50.
Dangote Cement followed with a 9.80 per cent rise, while Honeywell Flour advanced by 9.67 per cent to N21.55 from N19.65.
Africa Prudential gained 9.42 per cent to close at N7.55, compared with N6.90 previously, while Nigerian Aviation Handling Company (NAHCO) rose by eight per cent to N151.20 from N140.
The gains in these stocks helped support the market’s overall upward movement.
Despite the broader market rally, some equities recorded substantial losses.
Presco led the decliners after falling by 10 per cent to N1,840.80 from N2,045.30.
Tripple Gee dropped by 9.93 per cent to N2.54 from N2.82, while Thomas Wyatt declined by 9.85 per cent to N2.47 from N2.74.
Austin Laz shed 9.81 per cent to close at N2.39, down from N2.65.
Transcorp also recorded a notable decline, losing 9.70 per cent to close at N32.60 from N36.10.
Trading activity increased sharply during the session, with 5.23 billion shares exchanged in 35,882 deals.
The volume represented a 1,487.21 per cent increase from the 329.51 million shares traded on Monday.
First HoldCo accounted for 4.87 billion shares across 1,785 deals, making it the dominant contributor to the unusually high trading volume.
However, the total number of deals fell by 17.79 per cent, from 43,647 on Monday to 35,882 on Tuesday.
Also read: Dangote Group Plans $45bn Expansion, Targets $100bn Revenue
The session ended with the NGX at a fresh record in market capitalisation and the All-Share Index reaching a new peak, supported by gains in major stocks, particularly Dangote Cement.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
AICL GMD Maureen Tamuno calls for stronger diaspora investment in Africa through trust, transparency, skills transfer and sustainable partnerships
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