BUA, GTCO, UBA Drive Momentum in Nigerian Stock Market
The Nigerian Exchange (NGX) All-Share Index (ASI) climbed by 54 basis points on Tuesday as BUA Cement, tier-1 banks GTCO, FirstHoldco, and UBA rallied.
Key performance indicators surged as the market sustained its bullish momentum, buoyed by bargain hunting in medium and large-cap stocks.
Stockbrokers said major drivers of the uptrend include FIRSTHOLDCO, WEMABANK, UBA, BUACEMENT, GTCO, and others.
For the second consecutive time, the Industrial goods sector and the Banking sector contributed the most, gaining 4.44% and 4.30%, respectively.
The market index increased by 1,084.68 basis points to close at 202,559.57. Likewise, equity market capitalisation gained ₦696.31 billion to close at ₦130.03 trillion. Total Volume of trades and the Total Value traded increased by +84.75% and 79.15% respectively.
Stockbrokers told investors that approximately 1,751.83 million units valued at ₦88,095.07 million were transacted across 62,654 deals.
FCMB topped the volume chart, accounting for 29.54% of all units traded in the local bourse, followed by WEMABANK (12.21%), ZENITHBANK (9.33%), ACCESSCORP (7.09%), and GTCO with 5.72%.
ZENITHBANK accounted for 20.56% of total trade volume, making it the most traded on the exchange.
Meanwhile, on the best performers’ chart, BUACEMENT led with a gain of +10.00%, followed by PREMPAINTS (+9.86%), ZENITHBANK (+7.91%), NAHCO (+7.14%), RTBRISCOE (+6.67%), VFDGROUP (+6.67%), and 33 others.
A total of thirty-three (33) stocks depreciated.
With a price depreciation of -10.00%, PRESCO topped the worst performers’ chart, followed by CAVERTON (-8.70%), NSLTECH (-7.69%), GUINEAINS (-6.43%), INTBREW (-6.35%), and ETERNA (-5.85%). Hence, the market breadth closed on a positive note, with 39 gainers and 33 losers.
Sectoral performance was negative today as three of the five major market sectors declined. The Consumer goods sector declined by -1.30%, followed by the Insurance sector (-0.41%), and the Oil & Gas sector (-0.13%).
The Industrial goods and Banking sectors increased by +4.44% and +4.30%, respectively. Inflation: LCCI Cautions Against Complacency
