ALL-SHARE INDEX RISES 0.36% AS MARKET EXTENDS GAINS

Written by on January 13, 2021

THE STOCK MARKET EXTENDED ITS POSITIVE PERFORMANCE YESTERDAY AS THE NIGERIAN STOCK EXCHANGE (NSE) ALL-SHARE INDEX (ASI) ROSE 0.36 PER CENT. THE POSITIVE TREND WAS BUOYED BY GAINS RECORDED BY DANGOTE CEMENT PLC, NASCON ALLIED INDUSTRIES PLC AND AXA MANSARD INSURANCE PLC.

ALTHOUGH THERE WERE 27 PRICE GAINERS, THE 20 PRICE LOSERS PARADED BELLWETHERS SUCH AS MTN NIGERIA PLC, BUA CEMENT PLC, ZENITH BANK, GTBANK PLC. HOWEVER, THE PRICE GAIN OF 2.2 PER CENT RECORDED BY DANGOTE CEMENT PLC LED TO THE POSITIVE CLOSE FOR THE MARKET.

MARKET ANALYSTS SAID MORE INVESTORS ARE ATTRACTED TO DANGOTE CEMENT FOLLOWING THE COMPLETION OF FIRST TRANCHE OF ITS SHARE BUYBACK PROGRAMME. THE COMPANY SAID THE WAS DONE BETWEEN WEDNESDAY, 30 AND THURSDAY, 31 DECEMBER 2020, ON THE OPEN MARKET OF THE NIGERIAN STOCK EXCHANGE.

ACCORDING TO THE COMPANY IT PURCHASED 40,200,000 ORDINARY SHARES OF THE COMPANY AT AN AVERAGE PRICE OF N243.02, REPRESENTING 0.24 PER CENT OF THE ISSUED AND FULLY PAID ORDINARY SHARES.


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