Stock Market Opens New Week Positive, Advances by N256.08bn 

Kayode Tokede 

The stock market section of the Nigerian Exchange Limited (NGX), yesterday gained N256.08 billion to open trading activities on Xmas week positive over investors demand for BUA Cement Plc and 33 others.

The stock market rally is supported by  sustained investors’ appetite for BUA Cement, among other  stocks with strong fundamentals, amid improved market confidence.    

As the stock price of BUA Cement gained 2.35 per cent or  N4.00 per share to close at N174.00 per share, the market capitalisation of the NGX closed for trading at N97.193 trillion, about N256.08 billion or 0.26 per cent from  N96.937 trillion the market closed for trading last week.  

Consequently, the NGX All-Share Index closed for trading at 152,459.07 basis points, about 401.69 basis points or 0.26 per cent growth from 152,057.38 basis points the stock market opened for trading this week. 

With the growth of 0.26 per cent, the NGX ASI Month-to-Date and Year-to-Date returns advanced to +6.2per cent and +48.1per cent, respectively.

Sectoral performance was mixed as the  NGX Industrial Goods Index gained 0.9per cent and NGX Consumer Goods Index advanced by 0.5 per cent advanced while the NGX Insurance Index dipped by 0.5 per cent. The NGX Banking Index and NGX Oil & Gas index closed flat.

As measured by market breadth, market sentiment was positive  as Aluminium Extrusion Industries, 33 other stocks gained relative to 19 losers. 

Aluminium Extrusion Industries led the advancers’ table by 9.72 per cent, closing at N13.55, International Energy Insurance trailed by 9.69 per cent, ending the session at N2.49 while Mecure Industries gained by 9.64 per cent, settling at N60.30 per share.

Also, Royal Exchange grew by 9.60 per cent, finishing at N1.94 and Austinlaz rose by 9.50 per cent, closing at N2.65 per share.

Conversely, Custodian Investment and ABC Transport led the decliners’ table by 10 per cent each, settling at N35.10 and N3.15 per share respectively.

Similarly, Prestige Assurance dropped by 7.41 per cent, finishing at N1.50, Guinea Insurance she’d by 7.38 per cent, closing at N1.13 while Ellah Lakes fell by 6.45 per cent, ending the session at N13.05 per share.

Analysis of the market activity showed decline in the market value and volume with growth in deals as 451.5 million shares worth N13.03 billion was traded in 33,327 deals.

This is in contrast with 1.5 billion shares worth N21.8 billion that was traded in 25,669 transactions. 

Tantalizer recorded the highest volume with 50.18 million shares traded, while Aradel recorded the highest value at N1.51 billion.