Aliko Dangote Cement Lift Nigerian Market Value Past N111trn

Nigeria’s stock market climbed to a fresh valuation milestone as renewed investor appetite for shares linked to billionaire industrialist Aliko Dangote pushed total market capitalisation beyond N111 trillion.

Trading on the Nigerian Exchange Limited ended with listed equities valued at N111.659 trillion, up from N110.235 trillion recorded at the previous close. The gain of N1.42 trillion followed a broad rally led by Dangote Cement Plc and dozens of other advancing stocks.

Dangote Cement was the session’s standout performer after its share price rose by 8.81 per cent to close at N739.90, compared with N680 at the end of last week’s trading. The surge reflected growing confidence in the company’s earnings outlook and its dominant position in the industrial goods space.

The All Share Index mirrored the bullish mood, rising by 1.29 per cent to settle at 173,946.22 points, compared with 171,727.49 points previously. The market’s performance lifted both month to date and year to date returns, which closed higher at 5.2 per cent and 11.8 per cent respectively.

Market analysts attributed the upward momentum to strong corporate earnings releases and sustained interest in large capitalisation stocks, particularly within the industrial and energy segments. Trading activity in February has shown renewed optimism after a cautious start to the year.

Sector performance was largely positive, with the Industrial Goods Index leading the advance after rising by 4.8 per cent. The Oil and Gas Index gained 1.3 per cent, while the Consumer Goods Index added 0.7 per cent. Banking and insurance stocks, however, closed lower, reflecting selective profit taking by investors.

Market breadth remained firmly positive as 58 stocks recorded gains against 23 decliners. CAP, Daar Communications and May and Baker Nigeria posted the highest daily appreciation, each rising by 10 per cent. R T Briscoe Nigeria followed closely, while Zichis Agro Allied Industry, NAHCO and DEAP Capital Management and Trust also recorded strong price increases.

On the losing side, Eunisell Interlinked led the decline, shedding 9.98 per cent. Tripple Gee and Company, Abbey Mortgage Bank, Austin Laz and Company, and Haldane McCall also ended the session lower.

Trading volume declined by 18.72 per cent to 775.177 million shares valued at N27.916 billion across 65,960 deals. Access Holdings recorded the highest turnover by volume, followed by Zenith Bank and Secure Electronic Technology. Veritas Kapital Assurance and Mutual Benefits Assurance were also among the most actively traded stocks.

Market analysts at United Capital Plc said the equity market is likely to remain positive but selective, with investor interest focused on oil and gas, industrials, information technology, banking and breweries, while sentiment may stay muted in consumer goods and insurance stocks.