Nigerian Stock Market Sees N166 Billion Increase in Value with BUA Cement and 39 Other Stocks Gaining
The Nigerian Exchange Limited (NGX) has experienced a significant upturn, gaining N166 billion in market value following the positive performance of BUA Cement and 39 other stocks. This rebound comes after previous losses, bringing hope to investors and traders.
Closing at 71,250.17 points, the All-Share Index (ASI) surged by 303.34 points, representing a 0.43 per cent increase. Market capitalisation also saw a substantial rise, closing at N38.989 trillion, marking a N166 billion increase.
The surge in market value can be attributed to the price appreciation of BUA Cement, Northern Nigeria Flour Mills (NNFM), FBN Holdings (FBNH), Access Holdings, and UAC of Nigeria (UACN), all of which are large and medium capitalised stocks.
Analysts at Vetiva Dealings and Brokerage foresee a mixed sectoral performance in the next trading session, with expectations of trades in the banking sector dominating market activity.
During the trading session, market sentiment appeared positive with 40 stocks gaining in value relative to 16 losers. Some of the highest gainers included Secure Electronic Technology, Multiverse Mining and Exploration, and SUNU Assurance, showcasing the market’s resilience.
Conversely, Abbey Mortgage Bank, FTN Cocoa Processors, DAAR Communications, Wapic Insurance, and Veritas Kapital Assurance led the losers’ chart, experiencing a decline in value. Despite this, the overall market performance showed a positive outlook.
The total volume of shares traded saw a 20.93 per cent increase, reaching 433.568 million units valued at N11.114 billion and exchanged in 7,016 deals. UACN was the most actively traded stock, with 61.711 million shares worth N947.412 million.
Following closely was 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.
This positive performance in the stock market signals a recovery from previous losses, attracting the attention of investors and traders.
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