Investor Interest in BUA Cement and Others Boosts Nigerian Stock Market by N166 Billion
The Nigerian Exchange Limited (NGX) stock market segment experienced a notable increase in overall capitalization, gaining N166 billion. This surge coincided with a revival in investor interest in BUA Cement Plc, FBN Holdings Plc, Access Holdings Plc, and 37 other stocks, contributing to a 4.70 per cent rise in BUA Cement’s stock price.
In light of this heightened buying activity, the NGX All-Share Index (ASI) saw a 303.34 basis points or 0.43 per cent uptick, closing at 71,250.17 basis points, up from the previous day’s 70,946.83 basis points. Market capitalization also experienced a substantial increase, concluding at N38.989 trillion from N38.823 trillion, reflecting a N166 billion upsurge.
For the month-to-date and year-to-date returns, the stock market closed at -0.2 per cent and +39 per cent, respectively, indicating an overall positive performance.
Across sectors, NGX Industrial Goods saw a 1.9 per cent rise, NGX Banking increased by 1.5 per cent, and NGX Consumer Goods went up by 0.1 per cent. The NGX Oil & Gas index remained flat at 547.07 basis points, while the NGX Insurance sector demonstrated a 0.2 per cent decline, marking the only loss for the day.
Market sentiment was positive, with 40 stocks gaining compared to 16 losers. Secure Electronic Technology emerged as the top price gainer, closing at 77 kobo per share, signifying a 10 per cent increase. Multiverse Mining and Exploration followed with a gain of 9.95 per cent to close at N7.07, while SUNU Assurance advanced by 9.92 per cent to close at N1.33 per share.
FBN Holdings recorded a substantial increase of 9.86 per cent, closing at N26.75, while Thomas Wyatt Nigeria appreciated by 9.82 per cent to close at N3.02 per share. Conversely, Abbey Mortgage Bank led the losers’ chart with a 9.88 per cent decline to close at N1.55 per share. FTN Cocoa Processors followed with a 9.09 per cent decline, closing at N1.50, while DAAR Communications shed 8.82 per cent to close at 31 kobo per share. Wapic Insurance and Veritas Kapital Assurance also experienced declines, concluding at 65 kobo and 35 kobo per share, respectively.
Total trading volume amounted to 433.568 million units, valued at N11.114 billion, and exchanged in 7,016 deals. UACN led the activity with 61.711 million shares worth N947.412 million, followed by United Bank for Africa (UBA) with 58.297 million shares valued at N1.241 billion, and Guaranty Trust Holding Company (GTCO) trading 22.997 million shares valued at N908.187 million. Nigeria Infrastructure Debt Fund (NIDF) and Access Holdings also recorded significant trading volumes, reflecting the overall market activity for the day.
The stock market’s performance underscores the dynamic nature of investment opportunities and the impact of investor sentiment on market movements. It will be insightful to observe how these trends unfold in the coming days as market dynamics respond to internal and external factors.
As always, it is imperative for investors to stay well-informed and consider the implications of market movements on their investment portfolios. Monitoring market trends and seeking guidance from financial advisors can aid investors in navigating the complexities of the stock market successfully.
