Equities Market Recovers, Gains N902bn On Investors Buying Interest In BUA Foods

Recovering from the previous session’s loss, domestic equities on Thursday posted gains as investors’ investment rose by N902 billion on renewed buy interests in BUA Foods Plc and 52 others.

The Nigerian Exchange Limited All-Share Index (ASI) gained 1,647.79 basis points or 1.63 percent to close at 102,802.25 basis points. Also, market capitalisation rose by N902 billion to close at N56.260 trillion.

Accordingly, the equities market’s Month-to-Date and Year-to-Date returns printed +1.6 percent and +37.5 percent, respectively.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Foods, Dangote Sugar Refinery, NASCON Allied Industries, Guaranty Trust Holding Company (GTCO), and Lafarge Africa.

As measured by market breadth, market sentiment was positive, as 53 stocks gained relative to 18 losers.

Chams Holding Company, GTCO, Veritas Kapital Assurance, and Caverton Offshore Support Group emerged as the highest price gainer of 10 percent each to close at N2.64, N40.70, 66 kobo, and N1.87 respectively, per share.

NASCON Allied Industries followed with a gain of 9.98 percent to close at N67.75, while Zenith Bank advanced by 9.97 percent to close at N38.60, per share.

On the other side, Deap Capital Management and Trust led others on the losers’ chart with 9.88 percent to close at 73 kobo, per share. CWG followed with a decline of 9.87 percent to close at N6.85, while R.T. Briscoe Nigeria shed 9.86 percent to close at 64 kobo, per share.

University Press lost 9.76 percent to close at N3.33, while McNichols depreciated by 9.43 percent to close at N1.44, per share.

The total volume traded rose by 14.93 percent to 861.005 million units, valued at N12.155 billion, and exchanged in 12,851 deals. Transactions in shares of Universal Insurance led the activity with 113.758 million shares worth N42.514 million. Transnational Corporation (Transcorp) followed with an account of 91.016 million shares valued at N1.156 billion, while Zenith Bank traded 74.317 million shares valued at N2.761 billion.

United Bank for Africa (UBA) traded 69.178 million shares worth N1.717 billion, while Veritas Kapital Assurance traded 58.739 million shares worth N35.954 million.