Inventors’ Demand for BUA Foods Lift Stock Market by 0.42%

Kayode Tokede  

The Nigerian Exchange Limited All Share Index (NGX ASI) yesterday gained by 645.19 basis points, or 0.42 per cent to close at 155,034.72 basis points on investors’ demand for BUA Foods Plc. 

Thus, the NGX  ASI in its Month-to-Date and Year-to-Date returns settled higher at +8.0per cent and +50.6per cent, respectively.

Also, market capitalisation gained N411 billion to close at N 98.843 trillion.

Market sentiment was bullish, with 46 advancing stocks outweighing 24 declining counters. Guinea Insurance, Honeywell Flour Mills and Julius Berger recorded the highest price gain of 10 per cent each to close at N1.32, N21.45 and N152.90 respectively, per share.

Austin Laz & Company appreciated by 9.94 per cent to close at N3.87, while Multiverse Mining & Exploration up by 9.88 per cent to close at N13.35, per share.

On the other hand, Union Dicon Salt and LivingTrust Mortgage Bank led the losers’ chart by 10 per cent each to close at N6.30 and N3.42 respectively, while First HoldCo followed with a decline of 9.94 per cent to close at N44.40, per share.

Veritas Kapital Assurance depreciated by 7.47 per cent to close at N1.61, while Mutual Benefits Assurance declined by 7.46 per cent to close at N3.10, per share.

Also, the total volume traded increased by 223.84 per cent to 4.684 billion units, valued at N38.865 billion, and exchanged in 34,852 deals. Transactions in the shares of Cornerstone Insurance topped the activity chart with 3.670 billion shares valued at N18.535 billion. FCMB Group followed with 302.352 million shares worth N3.326 billion, while Wema Bank traded 97.390 million shares valued at N1.865 billion.

Access Holdings traded 75.072 million shares valued at N1.634 billion, while Chams Holding Company sold 47.539 million shares worth N169.483 million.

Imperial Asset Managers Limited said, “at the equity market session today, near-term sentiment remains cautiously optimistic, supported by strong year-to-date performance, sustained interest in fundamentally sound and liquid stocks, and ongoing portfolio rebalancing ahead of the year-end.

“However, trading activity is expected to remain selective and range-bound, as investors lock in profits in outperforming sectors while awaiting clearer cues from macroeconomic developments, liquidity conditions, and early positioning ahead of the new trading year.”