Stock Market Cap Rises to N28trn as BUA Foods, UBA Rally
Equities market capitalisation advanced by N187.7 billion to N28.1 trillion after positive movements in prices of some heavyweight listed companies stock seen in the local bourse on Tueaday.
Stockbrokers told MarketForces Africa that the renewed upbeat was driven by gains in BUA Foods, United Bank for Africa (UBA) and Union Bank of Nigeria (UBN) after 20% market return in 2022.
Today momentum was driven by 10% share appreciation recorded in BUAFOODS, trailed by 9.2% gain seen in UBA while UBN valuation advanced by 8.6%. Accordingly, the Nigerian Exchange All-share index (NGX-ASI) gained 67 basis points to 51,595.66 points.
The total volume traded declined by 63.9% to 321.67 million units, valued at NGN4.35 billion, and exchanged in 4,122 deals. FBNH was the most traded stock by volume and value at 207.62 million units, and NGN2.47 billion, respectively.
Analysing by sectors, the Consumer Goods index rose by 3.6%, Banking popped up 2.6% and Insurance index gained +2.6% while the Industrial Goods and Oil & Gas indices closed flat. >>Nigeria’s Debt Office Opens Savings Bonds at 10.6%
As measured by market breadth, market sentiment was positive (2.4x) as 22 tickers gained relative to 9 losers.
BUAFOODS (+10.0%) and JOHNHOLT (+9.6%) recorded the most significant gains of the day, while CWG (-8.9%) and FCMB (-8.8%) topped the losers’ list. # Stock Market Cap Rises to N28trn as BUA Foods, UBA Rally