Equity Investors Gain N584bn as BUA Cement, Oando Rally

Equity Investors Gain N584bn as BUA Cement, Oando Rally

Equity investors gained about N574 billion as value hunters continue to set the Nigerian Exchange (NGX) on investing fire, a trend that has persisted for long and seems not ready to fizzle out. Stockbrokers told MarketForces Africa the ongoing earnings releases festival and flood of interim dividend announcements by local dividend aristocrats continue to fuel the monster rallies.

The Nigerian Exchange benchmark Index (ASI) advanced by 0.64% to close at 144,074.23 points, driving the year-to-date return to 40.87%. This upward movement reflects sustained investor optimism and growing confidence in the strength of underlying market fundamentals.

The market upward movement was driven by increased investor demand for some mid- to high-capitalized stocks, including BUACEMENT (10.00%), STERLINGNG (9.93%), UNILEVER (7.38%), and OANDO (5.69%). The performers include ETI (4.41%), UACN (2.99%), NAHCO (1.93%), FIDELITYBK (1.42%), TRANSCORP (1.40%), ARADEL (1.17%), VFDGROUP (0.75%), and WEMABANK (0.40%), among others.

The hunting for upside potentials in some strong stocks with fundamentals signals decisions to rotate funds from the fixed income space into the equities market amid improved investor confidence.

Market capitalisation appreciated by ₦583.74 billion to settle at ₦91.73 trillion, also marking a 0.64% increase. Furthermore, market activities increased today as the total volume and total value of all trades rose by +24.13% and +14.29%, respectively.

Stockbrokers reported that approximately 1,006.80 million units valued at ₦22,254.16 million were transacted across 38,481 deals. In terms of volume, AIICO led the activity chart, accounting for 9.47% of the total volume traded in the market, followed by UNIVINSURE (8.51%), LINKASSURE (6.24%), FIDELITYBK (5.77%), and VERITASKAP (4.89%).

GTCO emerged as the most traded stock in value terms, accounting for 17.22% of the total value of all trades on the exchange. AIICO, BUACEMENT, MBENEFIT, NEIMETH, ENAMELWA, and SUNUASSUR topped the advancers’ chart for today with a price appreciation of 10.00 percent each.

Other gainers include STERLINGNG (+9.93%), VERITASKAP (+9.87%), ABBEYBDS (+9.87%), JOHNHOLT (+9.85%), CORNERST (+9.79%), and forty-one others. Twenty-one stocks depreciated, according to stockbrokers.

Ticker: LIVINGTRUST was the top loser, with a price depreciation of -9.86%. Other decliners include MECURE (-9.20%), CADBURY (-7.35%), FIRSTHOLDCO (-4.76%), TANTALIZER (-3.82%), and WAPCO (-1.68%). The market breadth closed positive, recording 52 gainers and 21 losers. In addition, the market sectoral performance was positive.

Across sectors, performance was largely positive and led by the Insurance (+7.51%), Industrial (+3.35%), Oil & Gas (+0.91%), and Commodity (+0.20%) sectors, which recorded gains, while the Banking (-0.86%) and Consumer Goods (-0.43%) sectors closed in the red. #Equity Investors Gain N584bn as BUA Cement, Oando Rally Oil Prices Edge Higher on U.S.-Russia Tensions