Okomu, Beta Glass, others push NGX-ASI higher by 1.02%

…Dangote Cement pays over N500bn as dividend

Nigeria’s stock market increased further on Tuesday by 1.02 percent as more investors bought shares of Okomu Oil Palm, Beta Glass, Dangote Sugar Refinery and other major gainer at the close of trading on the nation’s bourse. The market’s year-to-date (YTD) return has risen to +16.38 percent. Month-to-Date (MtD), the market is up by 7.20 percent.

Okomu Oil Palm rallied most after its price moved from N680 to N748, adding N68 or 10 percent. Beta Glass increased from N303.60 to N333.95, adding N30.35 or 10percent, followed by Dangote Sugar Refinery which increased from N40 to N44, up by N4 or 10 percent.

Champion Breweries also moved from N9.02 to N9.92, adding 90kobo or 9.98 percent, while UPDC rose from N3 to N3.30, adding 30kobo or 10percent.

“Although there are no dividend mark-downs scheduled this week, we are closely tracking dividend-related activity—both announcements and investor sentiment shifts—as well as earnings momentum,” CardinalStone Research analysts said in their June 23 note.

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Dangote Cement pays N30 dividend per share…

At its 16th annual general meeting (AGM) held on Monday June 23, shareholders of Dangote Cement Plc approved the payment of N30 dividend for every ordinary share.

Dangote Cement has 16,873,559,251 shares outstanding. The dividend of N30 per share amounts to about N506billion. The company’s share price has remained stable at N440 per share. It had reached a 52-week high of N591.1 as against 52-week low of N349.2.

The dividend for the period ended December 31, 2024, was paid on Monday June 23 from the company’s retained earnings as of December 31, 2024.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding day’s 118,579.65 points and N74.812 trillion respectively to 119,790.82 points and N75.576 trillion.

In 22,207 deals, equities traders exchanged 868,679,752 shares worth N23.708billion. LivingTrust Mortgage Bank, Royal Exchange, Fidelity Bank, Access Holdings and Zenith Bank were actively traded stocks on Tuesday.

“With the ASI sustaining its upward momentum and key sectors continuing to attract inflows, the market appears primed for another session of measured optimism.

“That said, profit-taking in recently rallied large-cap names, particularly in the banking and telco space, could moderate gains. Investors are likely to remain rotational in their positioning, with pockets of interest expected in consumer goods,” said Vetiva Research analysts in their June 23 post-trading note.