Nigerian Stock Market Hit New Milestone As Otedola Tightens Grip on First Bank

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• The Nigerian Exchange ended Thursday with a strong performance thanks to three cement giants and First HoldCo Plc
• During trading, BUA Cement Plc, Dangote Cement Plc, First HoldCo Plc, and ABC Transport Plc led the gainers table
• The losers’ table includes May & Baker Nigeria Plc, Mecure Industries Plc, Berger Paints Plc and John Holt Plc

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian stock market hit another milestone after trading on Thursday, July 17.

New data show that at the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased further to 130,283.86 points from the preceding day’s lows of 128,967.08 points.

While market capitalisation increased from N81.584 trillion to N82.417 trillion, this reflects a gain of N833 billion.

Here is a snapshot of the market on Friday

On Friday, a total of 637,541,391 shares were exchanged in 15,927 deals, valued at N18.12 billion.

Top 5 gainers:

• BUA Cement Plc rose by N10.20, increasing from N102.00 to N112.20 per share (+10.00%).
• Dangote Cement Plc gained N43.00, moving from N430.30 to N473.30 per share (+9.99%).
• Chams Plc appreciated by N0.28, climbing from N2.81 to N3.09 per share (+9.96%).
• First HoldCo Plcc advanced by N3.20, rising from N32.20 to N35.40 per share (+9.94%).
• ABC Transport Plc added N0.51, up from N5.18 to N5.69 per share (+9.85%).

Top 5 decliners:

• May & Baker Nigeria Plc dropped by N1.70, falling from N17.00 to N15.30 per share (-10.00%).
• RT Briscoe Plc declined by N0.38, decreasing from N3.80 to N3.42 per share (-10.00%).
• Mecure Industries Plc lost N1.30, moving from N13.00 to N11.70 per share (-10.00%).
• John Holt Plc fell by N1.00, dropping from N10.00 to N9.00 per share (-10.00%).
• Berger Paints Plc shed N3.75, down from N37.50 to N33.75 per share (-10.00%).

Top 5 trades by volume:

• Access Holdings Plc recorded 168,099,447 shares valued at N4,622,110,730.50.
• First HoldCo Plc saw 86,415,848 shares exchanged, amounting to N3,044,790,052.45
• Zenith Bank Plc posted 83,356,558 shares worth N6,291,846,803.60.
• Nigerian Breweries Plc registered 68,566,862 shares valued at N5,084,395,540.35.
• AIICO Insurance Plc traded 65,251,458 shares, with a total value of N139,267,473.49.

Otedola tightens grip on First Bank

Nigerian billionaire, Femi Otedola, is set to return to being the largest shareholder in First Bank Holding Company

The former chairman, Oba Otudeko, has reportedly sold off his 25% shareholding, which he controls.

There are no official statements from either party yet, but sources say the shares were traded in 17 negotiated deals at a fixed price of N31 per share, well above the N29.95k at which the company shares traded on the same day.

Source: Legit.ng