Positive Trends In BUA Cement, 38 Others Lift Equities Market By N113bn

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Positive sentiments lifted the equities market on Wednesday by N113 billion in market capitalisation as investors took positions in BUA Cement Plc and 38 others

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 173.62 basis points or 0.25 percent to close at 71,014.34 basis points. Also, market capitalisation gained N113 billion to close at N39.054 trillion.

Consequently, the Month-to-Date and Year-to-Date returns advanced to +2.6 percent and +38.6 percent, respectively.

Across sectors, performance varied with gains in the NGX Industrial Goods (+0.8per cent) and NGX Consumer Goods (+0.1per cent) indices and declines in the NGX Insurance Index (-0.8per cent) and NGX Banking Index (-0.8 percent). The NGX Oil & Gas index closed flat.

As measured by market breadth, market sentiment was positive, as 39 stocks gained relative to 19 losers. Oando and Omatek Ventures emerged as the highest price gainers of 10 percent each to close at N11.55 and 77 kobo respectively, while MeCure Industries followed with a gain of 9.92 percent to close at N5.21, per share.

C&I Leasing rose by 9.87 percent to close at N4.12, while Meyer appreciated by 9.73 percent to close at N3.27, per share. On the other side, SCOA Nigeria led others on the losers’ chart with 9.68 percent to close at N1.12, per share. Sovereign Trust Insurance followed with a decline of 8.82 percent to close at 31 kobo, while Cornerstone Insurance declined by 4.83 percent to close at N1.38, per share.

Cadbury Nigeria lost 4.17 percent to close at N13.80, while AIICO Insurance depreciated by 4.05 percent to close at 71 kobo, per share.

Meanwhile, the total volume traded decreased by 9.2 percent to 297.35 million units, valued at N6.16 billion, and exchanged in 6,172 deals. Transactions in shares of Oando led the activity with 27.967 million shares worth N315.268 million. AIICO Insurance followed with an account of 23.043 million shares valued at N16.392 million, while Japaul Gold & Ventures traded 20.377 million shares valued at N38.355 million.

Transnational Corporations (Transcorp) traded 14.533 million shares worth N88.344 million, while Consolidated Hallmark Insurance traded 14.174 million shares worth N14.547 million.

InvestmentOne Research in a report said, “The local equities market further gained today due to the positive sentiment observed in major sectors.

Looking ahead, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”