N64bn Gains In BUA Cement, 17 Others Lift Equities Market
The equities market of the Nigerian Exchange Limited (NGX) closed on a positive note on Wednesday with price appreciation in BUA Cement Plc and 17 others pushing the overall market capitalisation up by N64 billion.
The All-Share Index rose by 115.62 basis points or 0.17 percent, to close at 67,100.49 basis points. Similarly, the overall market capitalisation value gained N64 billion to close at N36.865 trillion.
For today’s trading, analysts at InvestmentOne Research said “The Nigerian bourse closed positive due to the buy-ins observed in the Industrial and Consumer Goods sectors.
“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.”
They reiterated that this may be a great period for investors to pick up some quality names with a medium to long-term investment horizon.
The market’s positive performance was driven by price appreciation in large and medium capitalised stocks which are; BUA Cement, Union Bank of Nigeria (UBN), Transnational Corporation (Transcorp), Thomas Wyatt Nigeria, and Flour Mills of Nigeria.
Also, investor sentiment, as measured by market breadth closed positive as 18 stocks advanced, relative to 17 stocks that declined. Thomas Wyatt Nigeria recorded the highest price gain of 9.81 percent to close at N2.35, per share. DAAR Communications followed with a gain of 9.52 percent to close at 23 Kobo and Cornerstone Insurance was up by 6.45 percent to close at N1.65, per share.
Transcorp appreciated by 5.41 percent to close at N6.43, while Union Bank of Nigeria rose by 5.30 percent to close at N6.95 per share.
On the other hand, Omatek Ventures led the losers’ chart by 8.33 percent to close at 44 Kobo, per share. Oando followed with a decline of 8.08 percent to close at N9.10, while Africa Prudential lost 7.80 percent to close at N6.50 per share.
Caverton Offshore Support Group dipped by 6.92 percent to close at N1.48, while Consolidated Hallmark Insurance depreciated by 6.25 percent to close at N1.05, per share.
The total volume traded increased by 59.40 percent to 410.321 million units, valued at N4.457 billion, and exchanged in 5,637 deals. Transactions in the shares of NEIMETH International Pharmaceuticals topped the activity chart with 163.201 million shares valued at N259.494 million. Access Holdings followed with 38.974 million shares worth N611.819 million, while Zenith Bank traded 32.273 million shares valued at N1.019 billion.
Fidelity Bank traded 23.523 million shares valued at N194.178 million, while United Bank for Africa (UBA) transacted 19.822 million shares worth N341.185 million.