Equities market appreciates by 0.97% amid gain in BUA Cement, 25 others

The Nigerian equities market on Monday rebounded by 0.97 per cent on investors’ interest in BUA Cement Plc and 25 others.

The Nigerian Exchange Limited All-Share Index (ASI) rose by 646.76 basis points or 0.97 per cent to close at 67,101.33 basis points. Also, market capitalisation gained N355 billion to close at N36.865 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, MRS Oil Nigeria, Nigerian Breweries, Dangote Sugar Refinery and Nigerian Aviation Handling Company (NAHCO).

Analysts at United Capital Plc said, “we expect the renewed buy-interests across the equities market to linger. We anticipate investors taking positions ahead of the Q3, 2023 earnings season as corporates are set to release impressive financials. Hence, we recommend cherry-picking activities around fundamentally sound stocks with solid performance.”

Investor sentiment, as measured by market breadth closed positive as 26 stocks advanced, while 23 declined. BUA Cement emerged the highest price gainer of 10 per cent to close at N103.40, per share. Consolidated Hallmark Insurance followed with a gain of 9.80 per cent to close at N1.12, while Nigerian Breweries rose by 9.09 per cent to close at N42.00, per share.

John Holt increased by 8.11 per cent to close at N1.60, while SUNU Assurance appreciated 7.22 per cent to close at N1.04, per share.  On the other side, Prestige Assurance led the losers’ chart with 10 per cent to close at 45 kobo, per share. FTN Cocoa Processors followed with a decline of 8.33 per cent to close at N1.65, while NEIMETH International Pharmaceuticals shed 7.74 per cent to close at N1.55, per share.

Sovereign Trust Insurance depreciated by 5.00 per cent to close at 38 kobo, while eTranzact International down by 4.26 per cent to close at N9.00, per share.

The total volume traded dipped by 28.18 per cent to 268.664 million units, valued at N3.464 billion, and exchanged in 6,911 deals. Transactions in the shares of Associated Bus Company led the activity with 29.269 million shares worth N19.908 million. Access Holdings followed with account of 29.172 million shares valued at N465.977 million, while Oando traded 27.090 million shares valued at N252.976 million.

United Bank for Africa (UBA) traded 23.752 million shares worth N407.671 million, while Transnational Corporation (Transcorp) traded 23.735 million shares worth N149510 million.