John Doe
Tue, Sep 5, 2023 12:15 PM

Nigerian equities record massive gain of N412 billion on demands in Dangote Sugar Refinery Plc

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Nigerian equities record massive gain of N412 billion on demands in Dangote Sugar Refinery Plc
Nigerian equities opened the week with strong gains, recording a massive increase of N412 billion on demands in Dangote Sugar Refinery Plc and other major stocks. The market capitalization rose to N37.370 trillion, while the All-Share Index gained 1.11% to close at 68,279.14 points. The upturn was driven by price appreciation in large and medium-capitalized stocks, indicating positive market breadth.

The Nigerian equities market opened the week on a strong note, recording a massive gain of N412 billion driven by high demands in Dangote Sugar Refinery Plc and other major stocks. This surge in market capitalization and the All-Share Index indicates a positive trend and a boost to investor confidence.

The All-Share Index gained 751.95 basis points, representing a gain of 1.11% to close at 68,279.14 points. This is a significant increase that reflects the overall market performance and investor sentiment.

Several large and medium-capitalized stocks showed price appreciation, contributing to the market's upturn. Dangote Sugar Refinery, NASCON Allied Industries, BUA Foods, Stanbic IBTC Holdings, and Zenith Bank were amongst the stocks that recorded remarkable gains, further driving the positive sentiment in the market.

With 39 stocks gaining relative to 19 decliners, market breadth closed positive. DAAR Communications, Dangote Cement, MRS Oil Nigeria, and Dangote Sugar Refinery emerged as the highest price gainers, with a 10% increase in their share prices.

NASCON Allied Industries followed closely with a gain of 9.98%, while John Holt and Oando also performed well with advances of 9.92% and 9.91% respectively. These stock performances indicate clear opportunities for investors to maximize their returns.

On the other hand, Consolidated Hallmark Insurance, Cornerstone Insurance, and SUNU Assurance were amongst the top decliners during the trading session. However, the overall market performance was still positive, overshadowing the losses incurred by these companies.

The record gain of N412 billion in market capitalization further strengthens the Nigerian economy and highlights the potential for growth in the equities market. This surge indicates increased participation from investors, both local and international, who recognize the opportunities available in Nigerian stocks.

The positive market breadth and overall gain in the stock market are crucial indicators of a thriving economy. The buoyancy in the equities market provides a favorable environment to attract further investment and stimulate economic growth in Nigeria.

The Nigerian equities market is expected to maintain its positive momentum, presenting more opportunities for investors to reap significant returns. With favorable economic policies and a resilient market, the outlook for the Nigerian stock market remains promising.

This strong opening for the week sets a positive tone for the market and boosts investor confidence. It showcases Nigeria's untapped potential in the equities market and demonstrates the resilience of the Nigerian economy despite the challenges faced.

In conclusion, the Nigerian equities market opened the week with a remarkable gain of N412 billion, driven by demands in Dangote Sugar Refinery Plc and other major stocks. This surge is indicative of a vibrant and attractive market, offering investors the potential for substantial returns.

Source of content: OOO News 2023-09-05 News

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