NGX All-Share Index Recovers 0.6%, As Geregu, Banks, Mitigate Dangote Cement's Slide

LAGOS - The benchmark All-Share index of the Nigerian Exchange Limited (NGXASI) turned green again after Friday's marginal slide, as the combined gains by Geregu Power, Zenith Bank, United Bank for Africa, AccessCorporation, Ecobank Transnational Incorporated, and FBN Holdings, among others successfully whittled down the N5.00 loss by Dangote Cement, the bourse's biggest company by market value.

The NGXASI rose by 373.62 basis points or 0.56 percent to 62,943.35bps, compared to Friday's 62,569.73bps, raising the Month-to-Date and Year-to-Date returns on the exchange to 3.2% and 22.8%, respectively. Market capitalization (investors' worth on the exchange) for the period grew by N203.439 billion to N34.273 trillion.

The biggest gains in percentage terms were broadcast media giant- Daar Communications, Fidelity Bank and Unilever Nigeria, which chalked the maximum 10%; Sterling Bank grabbed 9.97%; Ecobank Transnational Incorporated closed 9.84% better in what may not be unrelated with the latest moves to recover its N5.4 billion loan from Oba Otudeko. It is not immediately clear why Oando Plc's share price gained 9.36% at a time it is yet to submit the backlog of financial reports to the NGX.

In absolute terms, however, Geregu Power gained N20; FBNH, N1.55; Zenith Bank and AccessCorp, N1.45 each; ETI, N1.25; and UBA, N1.15, among others.

Aside from Dangote Cement which is planning for another round of share buy-back, the decliners' table also had oil marketing giant- Eterna losing N2.60; Nigerian Breweries, N2.00; PZ Cussons, N1.80; Transcorp Hotels, N1.55; while sister companies- NASCON Allied and Dangote Sugar which are in talks for a merger lost N1.05 and 90 kobo respectively.

In all, investors exchanged 710.018 million shares valued at N13.83 billion in 8,979 deal