Stock Market Booms over BUA, Jaiz Bank Rally
Equities investors in the Nigerian Exchange see about N178 billion gain on Tuesday as BUA Cement, Jaiz Bank shares top gainers chart amidst the third quarter earnings season released.
The sustained buying interest in mid-cap companies’ shares pushes year-to-date returns upward. It appears the massive selloff in Airtel Africa has stopped.
Equities investors holding the dual-listed telecom company’s share had unloaded their portfolio as they spot value in London Stock Exchange. READ:Jaiz Bank Gets Ratings Upgrade on Improved Capitalisation
According to a market report, the Nigerian Exchange All-share index (NGX ASI) advanced by 0.7% to 44,788.14 points –marking the third day of rallies that started on Friday.
According to trading data, today’s performance was supported by buying interest in BUA Cement with 10.0% gain. Amidst rising headline inflation, overall market return from the beginning of the year to date rose to +4.9%.
The market capitalization gained ₦177.84 billion, representing a growth of 0.73% to close at ₦24.39 trillion from ₦24.22 trillion reported yesterday.
The total volume traded increased by 120.1% to 159.21 million units, valued at N2.73 billion, and exchanged in 3,290 deals.
Trading data shows that MBENEFIT was the most traded stock by volume at 47.43 million units, while AIRTELAFRI was the most traded stock by value at N1.01 billion.
On sectorial performance, the Insurance (-0.2%), Oil & Gas (-0.2%), and Consumer Goods (-0.1%) indices declined, while the Industrial Goods (+4.0%) and Banking (+0.5%) indices posted gains.
As measured by market breadth, market sentiment was negative (0.4x) as 19 tickers lost relative to 7 gainers.
ROYALEX declined by 9.6% and MULTIVERSE lost 8.5% – the most significant losses of the day, while BUACEMENT popped up by 10.0% and JAIZBANK gained 9.0% as topped the gainers.
# Stock Market Booms over BUA, Jaiz Bank Rally#