BUA Cement Climbs to N6Trn on Fresh Buying Interest
BUA Cement Plc is closing the week at N6.08 trillion market value after a bull run in the local bourse provoked buying interest. The top challenger in the cement oligarch has been ramping up capacity by increasing capital investment.
The company’s 33.864 billion shares outstanding were valued at N6.083 trillion on Friday, according to data obtained from the Nigerian Exchange platform at a Unit price of N179.65.
The cement company’s share price has gained about 21% in the last five trading sessions, up from N148.50 to N179.65 due to increased buying interest in the industry stocks.
Less than 690,000 BUA Cement share volume were traded in the local bourse on Friday, versus more than 2 million and about 4 million shares that exchanged hands on Thursday and Wednesday respectively.
In the previous week, equities investors traded unusual volumes of BUA cement, and the strong buying interest drove the price higher. The cement company’s market capitalisation has been hovering around N3.5 trillion, according to MarketForces Africa stock tracking.
The ongoing stock market rallies however triggered an increase in BUA Cement’s valuation after investors trading highs and lows in the local bourse pumped funds in the cement company’s shares.
The market is awaiting the release of the company’s fourth quarter of the financial year 2023 earnings scorecard to be released. Analysts expect earnings to drive a further uptick in share price if the market keeps uptrend. #BUA Cement Climbs to N6Trn on Fresh Buying Interest