BUAFoods Drives NGX Rally, Investors Gain N71 Bln
Demand for BUAFoods Plc share lifted the Nigerian Exchange (NGX) on Thursday as the price jumped by 10%. Bargain hunting seen on the local bourse drive market returns upward following a three days straight rally in 2022.
Today’s positive momentum in the local bourse follows the sustained price appreciation in BUAFOODS and 23 others. Consequent to bargain hunting on mid and large cap stocks, the Nigerian Exchange All Share Index expands by 131.19 basis points, representing a growth of 0.30 per cent to close at 43,607.94.
Equity market capitalisation advanced by ₦70.69 billion to close at ₦23.50 trillion. Meanwhile, the market activities traded bearishly as the total volume and value traded plunged by 85.93 per cent and 95.04 per cent, respectively.
In a market note, Atlass Portfolios Limited noted that a total of 174.61 million units valued at ₦2.13 billion were transacted in 3,715 deals.
FBNH led the traded stocks in terms of volume, accounting for 15.52 per cent of the total volume of trades, followed closely by UBA (12.61%), TRANSCORP (6.87%), BUAFOODS (6.47%), and ZENITH BANK (5.88%) to complete the top five on the volume chart.
BUAFOODS emerged as the most traded stock in value terms, with 25.54 per cent of the total value of trades on the exchange.
Again, the newly listed BUAFOODS led on the gainers’ chart with a maximum price appreciation of 10.00 per cent each.
The company stock performance was trailed by UACN whose share price jumped 5.56%, UBN sees 3.70% gain, WAPCO rises 3.11%, and UCAP share jumps 2.51% and NGXGROUP increases by 2.50%.
Others are FBNH with 1.77% price appreciation when ACCESS share price up by 1.60%, and UBA by 0.62%. HONYFLOUR share price grows moderately by 0.29%, and ZENITH BANK 0.20%.
Other 13 companies stocks see price appreciation following the bargain hunting recorded on the Nigerian bourse on Thursday. Conversely, thirteen (17) stocks declined in price, led by SUNUASSUR with a price depreciation of 9.76 per cent to close at ₦0.37.
UNILEVER share price sheds 3.45%, NEIMETH dips by 2.22%, BUACEMENT lost 1.43%, WEMABANK declines by 1.27%, and TRANSCORP sinks by 1.02%. Consequently, the market breadth closed positively, recording 23 gainers and 13 losers.
Overall, the Nigerian Exchange sector performance was largely negative, as the Banking sector was the only sector with 0.44% growth while the other four sectors, led by Insurance (-1.35%), Oil & Gas (-0.90%), Industrial Goods (-0.39%) and Consumer Goods (-0.12%) decline as against the previous session.
