NGX Expands as BUA Foods, Dangote Drive Rally
The Nigerian Exchange (NGX) rallies on the first day of the new trading week as investors’ position in BUA Foods, Dangote Cement and other mid to large capitalised names on the local bourse.
The stock market sustained the previous week’s rally to five consecutive sessions in the year as the market performance indicators spiked by 0.10 per cent.
Today, there was a noticeable demand for BUAFOODS, DANGCEM, STANBIC and 25 other stocks, Atlass Portfolios Limited said in a market report. Consequently, the Nigerian Exchange All-Share Index inched higher by 42.71 basis points, representing a growth of 0.10 per cent to close at 43,897.13 points.
Overall, equity market capitalisation expands by ₦23.01 billion to close at ₦23.65 trillion. However, stock market activities traded negatively as the total volume and value traded tumbled by 21.23 per cent and 30.30 per cent, respectively.
A total sum of 311.26 million units valued at ₦8.64 billion was transacted in 5,159 deals, according to the Nigerian Exchange data. Again, BUAFOODS led the traded stocks in terms of volume, accounting for 32.56 per cent of the total volume of trades.
The new listed stock, about 100% of which is owned by BUA Chairman, was followed closely by TRANSCORP whose share price gains 6.46%, ZENITH BANK price rise 3.90%, GTCO jumps 3.33%, and SOVERNINS appreciates by 3.04% to complete the top five on the volume chart.
BUAFOODS emerged as the most traded stock in value terms, with 68.61 per cent of the total value of trades on the exchange.
On profitability, BUAFOODS led on the gainers’ chart with a price appreciation of 9.96 per cent. After the company listed 18 billion shares at N40 by way of introduction last week, it gained 33% as of Friday’s close.
The stock was trailed by MRS whose share price increased by 9.72%, UCAP rises 4.15%, DANGCEM gains 4.00%, VITAFOAM’s share price also jumps by 3.70% and there was a 3.13% share price increase on UBA.
Also, there was bargain hunting on LIVESTOCK which led to a 1.46% increase in share price, HONYFLOUR rises 1.45%, FBNH spikes 1.27%, UACN share price inches higher by 1.05%, WAPCO surges by 0.98%) and STANBIC advanced 0.81% in addition to sixteen (16) others.
Conversely, nineteen (19) stocks declined in price, led by NNFM with a price depreciation of 9.66 per cent to close at ₦6.55. Union Bank of Nigeria (UBN) starts another round of price depreciation following its acquisition by Titan Trust Bank.
UBN shaved off 6.90% of its market value while MTNN sheds 5.84%, FLOURMILL dips 3.10%, ARDOVA dropped off 2.89%, NGXGROUP slides 1.18%, NEIMETH falls by 1.06%, GTCO lost 0.97%, BUACEMENT plunged by 0.72% and ZENITH BANK share price closed lower by 0.20%.
Trading activities records however show that the market breadth closed positively, recording 28 gainers and 19 losers.
But sector performance was relatively negative, as three of the five major sectors plunged, led by Oil & Gas (-0.58%), Banking (-0.12%) and Consumer Goods (-0.05%), respectively. Read Also: BUA Foods Shareholders Get N63 Billion as Dividend
On the positive side, Insurance gained 2.77% and the Industrial Goods segment expands by 1.71% compared to the last session. #NGX Expands as BUA Foods, Dangote Drive Rally
