NGX investors gain N1.75tn as Dangote Refinery IPO closes

Investors successful the Nigerian equities marketplace gained N1.75 trillion connected Tuesday arsenic the Nigerian Exchange Limited, NGX, extended its rally, with the Dangote Refinery’s N525-per-share archetypal nationalist offering, IPO, besides closing connected the aforesaid day.

DAILY POST reports that the marketplace capitalisation roseate to N164.91 trillion from N163.16 trillion recorded successful the erstwhile session, representing an summation of astir N1.75 trillion.

The NGX All-Share Index precocious by 1.07 per cent to adjacent astatine 253,990.06 points from 251,290.54 points recorded connected Monday.

Consequently, the market’s year-to-date instrumentality roseate to 63.22 per cent.

The rally was driven mostly by gains successful concern stocks, peculiarly Dangote Cement, which precocious by 9.80 per cent to adjacent astatine N1,341.90 per share.

Despite the market's wide advance, marketplace breadth remained negative, reflecting an uneven organisation of gains crossed listed equities.

Twenty stocks recorded gains, compared with 36 decliners, leaving marketplace breadth astatine 0.56 times. This indicated that the benchmark index's beforehand did not bespeak the broader market's performance.

UPDC Real Estate Investment Trust, Dangote Cement, Honeywell Flour Mills, Africa Prudential and Nigerian Aviation Handling Company led the gainers.

On the different hand, Presco, Tripple Gee and Company, Thomas Wyatt Nigeria...