Local Equities Market Index Gains 5.42% on DANGCEM Shares Buyback Scheme

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…In line with our expectations,buying sentiment dominated the trading week except for the last trading day when investors booked profit in light of the Christmas holidays.

Notably, Investors were bullish on DANGCEM shares given the recent announcement of the commencement of its share buyback.

Given the sustained rally, the NSE Capitalization hit a peak of N20 trillion on Wednesday. Hence, the All-share-index climbed by 5.42% week-on-week to close at 38,800.01 points.

Sectorial performance was positive as four of the five indices tracked closed in green except for the NSE Banking index which fell by 1.03% to 395.25 points.

The NSE Consumer Goods, NSE Insurance, NSE Oil/Gas and the NSE Industrial indices advanced by 6.01%, 0.28%, 1.38% and 12.05% to 186.26points, 576.22points, 225.76pointsand 1,859.54 points respectively.

Meanwhile,market activity was mixed as total volume and value of stocks traded rose by 45.61%and 128.43% to 2.75billion shares and N40.31 billion respectively.

However, total deals traded fell by 15.52% to 17,447 deals.

In the new week, we expect the local equities market to remain elevated as investors further position ahead of the usual end-of-year rally.

Also, the huge maturing OMO bills worth N481 billion should impact the equities market positively.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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