Stock Market Hits N92trn on Demand for BUA Cement, Others

Kayode Tokede

As a results of 25 consecutive trading session gains, the Nigerian stock market yesterday crossed the N92 trillion by market capitlisation on investors demand for BUA Foods Plc, annd 52 others.

The stock market positive momentum underscores growing optimism around the resilience of market fundamentals and corporate earnings potential of listed companies. 

As a result of 7.3 per cent increase in BUA Cement , the Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 1,017.49 basis points or 0.70 per cent, to close at 145,813.86 basis points, with the Month-to-Date and Year-to-Date returns settled higher at +4.3per cent and +41.7per cent, respectively.

Consequently, the market capitalisation value gained N644 billion to close at N92.252 trillion.

Sectoral performance was mixed as the NGX Insurance index (+9.9per cent), NGX Industrial Goods index (+2.9per cent), and NGX Oil & Gas index (+one per cent) closed higher, while the NGX Consumer Goods index (-0.4per cent) and NGX Banking index (-0.4per cent) declined.

Investor sentiment remained broadly upbeat, with market breadth closed positive as 53 stocks recorded gains, while 26 posted losses.

Meyer, Guinness Nigeria, Learn Africa, AXA Mansard Insurance, Mutual Benefits Assurance, NEM Insurance, SCOA Nigeria, Jaiz Bank and Haldane McCall recorded the highest price gain of 10 per cent each to close at N18.15, N128.75, N6.27, N12.10, N2.42, N29.70, N5.50, N4.73 and N4.84 in that order, per share.

Consolidated Hallmark Holdings, Sterling Financial Holdings Company and C&I Leasing followed with a gain of 9.97 per cent each to close at N4.08, N8.16 and N7.61 respectively, while Cornerstone Insurance and Custodian Investment rose by 9.96 per cent each to close at N5.30 and 43.05 respectively, per share.

On the other hand, UACN and Nigerian Exchange Group led the losers’ chart by 10 per cent each to close at N90.00 and N63.00 respectively, while Living Trust Mortgage Bank followed with a decline of 9.93 per cent to close at N5.35, per share.

Multiverse Mining & Exploration shed 9.68 per cent to close at N9.80, while RT Briscoe (Nigeria) lost 9.09 per cent to close at N3.50, per share.

The total volume of trade increased by 168.02 per cent to 2.698 billion units, valued at N32.630 billion, and exchanged in 35,137 deals. Transactions in the shares of Consolidated Hallmark Holdings topped the activity chart with 1.015 billion shares valued at N2.668 billion.

Linkage Assurance followed with 562.319 million shares worth N978.435 million, while Sterling Financial Holdings Company traded 183.771 million shares valued at N1.498 billion.

AIICO Insurance traded 90.682 million shares valued at N262.977 million, while Zenith Bank transacted 60.351 million shares worth N4.547 billion.

On market outlook, Afrinvest Limited said, “we anticipate a moderation in buy sentiment as investors are likely to book some gains.”