Nigerian Bourse Sees Large Gain as Airtel, BUA Foods Rally

Nigerian Bourse Sees Large Gain as Airtel, BUA Foods Rally

Again, the Nigerian Exchange (NGX) edges higher midweek over bargain hunting in Airtel Africa and newly listed BUA Foods stocks and 19 others price gainers.

Data from the local bourse shows that investors’ fortune advanced by ₦243 billion amid bargain hunting for mid and large-cap stocks. The market price in higher demand for the new listed stock as well as Airtel African recent tower asset deal.

Today, Airtel Africa announced its sold tower assets in Tanzania today while BUA Foods officially announced it listed 18 billion shares at N40 by way of introduction on the Nigerian bourse.

SEPLAT and 19 others made it to the list of top gainers on the local bourse on Wednesday, thus pushing market return upward for the second day in the New Year.

Based on Market data, the Nigerian Exchange All-Share index edges higher today by 450.52 basis points, representing a growth of 1.05 per cent to close at 43,476.75 points.

Overall, the equity market capitalisation inched higher by ₦242.75 billion to close at ₦23.43 trillion. Similarly, the market activities traded positive as the total volume and value traded climbed by 472.75 per cent and 2,734.78 per cent, respectively.

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A total sum of 1.24 billion units valued at ₦42.97 billion was transacted in 4,032 deals, according to a market note from Atlass Portfolios Limited.

BUAFOODS led the traded stocks in terms of volume, accounting for 81.15 per cent of the total volume of trades.

The newly listed company was followed closely by WEMABANK (2.02%), TRANSCORP (2.01%), NGXGROUP (1.17%), and UBA (1.12%) to complete the top five on the volume chart.

Wema Bank yesterday announced a plan to raise N40 billion via a rights issue, though resolution passed at the extraordinary general meeting confers right to the timing on directors.

Today, BUAFOODS emerged as the most traded stock in value terms, with 94.34 per cent of the total value of trades on the exchange. AIRTELAFRI and BUAFOODS led on the gainers’ chart with a maximum price appreciation of 10.00 per cent each.

The duo was trailed by OANDO whose share price rises 9.73%, NGXGROUP jumps 2.56%, SEPLAT gains 2.31%, HONYFLOUR puffs up by 1.18%, ACCESS surges 1.08%, WAPCO jumps 0.62%, DANGSUGAR inches higher by 0.29% and thirteen (13) see price appreciation.

Meanwhile, seventeen (17) stocks depreciated, led by UNITYBBNK see price depreciation of 9.62 per cent to close at ₦0.47.

UBN share price tumbles 6.90% again, DANGCEM sheds 2.72%, BUACEMENT drops off 2.71%, and STANBIC lost 2.63% and STERLNBANK share price dips 1.96% while GTCO nosedives by 0.38%.

With the bargain hunting, the market breadth closed positively, recording 22 gainers and 17 losers.

Meanwhile, the sector performance was relative negative, as three of the five sectors depreciated, led by the Industrial Goods (-2.42%), trailed by Banking (-0.50%), and Consumer Goods (-0.02%).

Market data shows that the Oil & Gas and Insurance sectors grew by 3.12% and 0.85%, respectively. #Nigerian Bourse Sees Large Gain as Airtel, BUA Foods Rally

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