Equities rebound on NGX as buying in Dangote Cement lifts index by 1.20%”
In a strong rebound on Tuesday, the Nigerian Exchange Limited (NGX) regained lost ground as the Dangote Cement Plc surged — a move that helped push the benchmark All Share Index (ASI) up by 1.20%.
At the close, the ASI climbed by 1,718.03 points to 144,928.36, sending overall market capitalization to around ₦92.37 trillion, up from about ₦91.09 trillion recorded the previous day.
Trading activity remained robust albeit mixed: investors traded roughly 606.3 million shares worth ₦39.7 billion in nearly 14,800 deals — a sharp rebound in value despite a reduced volume compared with the prior session.
Beyond Dangote Cement PLC nearly 10% gain, other heavyweights such as NCR Nigeria Plc and International Breweries Plc also saw significant buying, contributing to the positive market breadth.
On the flip side, some counters — including firms in hospitality and financial services — lagged, reflecting selective investor interest as market sentiment balanced optimism with caution.
Market analysts interpret the session as a reaffirmation of investor confidence in blue-chip industrial names, especially in the cement and consumer sectors, after a prior slump. The rally underscores the resilience of Nigeria’s equities market and signals renewed appetite for value among investors — even as some remain wary of volatility in other sectors.
While some sectors continue to face headwinds — including FX constraints, elevated financing costs, and weak consumer demand — the overall outlook for the market remains cautiously optimistic.
If buying momentum in large-cap stocks persists, the NGX could see further upside in the short term, particularly as portfolio managers rebalance ahead of year-end. However, traders warn that intermittent volatility should still be expected, making stock-picking and sector rotation crucial strategies as the market enters its final trading weeks of the year.
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