Economy

NSE: Indices rise by 0.30% amid Dangote Cement gain

NSE: Neimeth, Cornerstone, Chams emerged best performing stocks in Nov – analysis
Written by Maritime First

…As China’s President Xi pledges win-win cooperation with Africa***

Transactions on the Nigerian Stock Exchange (NSE) resumed on Monday with a growth of 0.30 per cent following a Dangote Cement gain.

The News Agency of Nigeria (NAN) reports that Dangote Cement topped the gainers’ chart, after investors responded positively to the release of its six months unaudited result for the period ended June 30.
Dangote Cement grew by N1.30 per to close at N236 per share, followed by Guaranty Trust Bank with 80k to close at N38.80, while NASCON appreciated by 55k to close at N20.80 per share.

CAP increased by 50k to close at N35, while Nigerian Breweries also garnered 50k to close at N108 per share.
Consequently, the All-Share Index improved by 108.52 points or 0.30 per cent to close at 36,711.96 compared with 36,603.44 achieved on Friday.

Similarly, the market capitalisation which opened at N13.259 trillion increased by N39 billion or 0.30 per cent to close at N13.298 trillion.

On the other hand, Forte Oil topped the losers’ chart for the day, dropping by N2.70 to close at N25.20 per share.
Oando trailed with a loss of 40k to close at N5.15, while UPL was down by 25k to close at N2.30 per share.
Stanbic IBTC also lost 25k to close at N48.55, while Dangote Flour depreciated by 20k to close at N8.90 per share.

In spite of the growth in crucial market indicators, the volume of shares transacted dropped by 66.72 per cent, while value declined by 43.33 per cent.
However, Medview Air was the toast of investors, trading 100 million shares worth N214 million.

Transcorp followed with an account of 16.15 million shares valued at N19.56 million, while Zenith International Bank sold 11.29 million shares worth N260.27 million.
GTBank exchanged 8.19 million shares valued at N315.85 million, while Access Bank traded 6.75 million shares worth N 67.51 million.

In the meantime, President Xi Jinping of China on Monday pledged to strengthen economic ties with Africa by offering win-win cooperation and genuine development partnership.

“China will promote a sincere economic partnership with African countries,’’ Xi told newsmen at the end of a two-day visit to the East African nation of Rwanda.

Xi spoke to the press at the State House in the capital Kigali after a luncheon with President Paul Kagame.

His comments followed the signing of over one dozen bilateral agreements focused on visa exemptions, strengthening mutual investment in e-commerce, cooperation in civil air transport, law enforcement partnerships and human resource development.

“China relates to Africa as an equal.

“We see ourselves as people on the road to prosperity, and China’s actions demonstrate that you see us in the same way.

“This is a revolutionary posture in the world affairs, and it’s more precious than money,’’ Kagame added.

China, Africa’s largest trading partner, opened its first military base on the continent in 2017 in the eastern nation of Djibouti.

Xi, ahead of his visit, said China had become Rwanda’s biggest trading partner and project contractor, with trade volumes between the countries registered at 157 million dollars in 2017.

Xi, travelling with his wife Peng Liyuan, became the first Chinese head of state to visit Rwanda when he arrived on Sunday, though his visit to the continent began in Dakar, Senegal, on Saturday.

After two days in Rwanda, Xi will journey to Johannesburg for the BRICS summit with the foreign ministers of Brazil, Russia, India and South Africa.

 

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Maritime First