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Stock Market Up N138bn on Price Appreciation in BUA Foods, Dangote

The Nigerian Exchange (NGX) Al-Share Index (ASI) yesterday rebounded by N138billion amid renewed price appreciation in medium and large capitalised stocks, amongst which are, BUA Foods, BUA Cement, Dangote Sugar Refinery, Conoil and and Skyway Aviation handling Company.

The NGX All Share Index (ASI) grew by 256.23 basis points or 0.58 per cent to close at 44,655.89 basis points, while the overall market capitalisation value gained N138 billion to close at N24.060 trillion.

Performance across sectors was broadly positive as four out of our five coverage indices – Banking (+1.0 per cent), Industrial Goods (+0.8 per cent), Consumer Goods (+0.7per cent), and Oil & Gas (+0.3 per cent) indices – closed in the green. The Insurance (-1.6 per cent) index was the sole loser.

As measured by market breadth, market sentiment was positive as 27 stocks gained relative to 13 losers. Skyway Aviation handling Company recorded the highest price gain of 10 per cent to close at N5.83, per share.

Courteville Business Solutions followed with a gain 8.57 per cent to close at 38 kobo, while FTN Cocoa Processors up by 8.33 per cent to close at 39 kobo, per share.

Dangote Sugar Refinery rose by 7.35 per cent to close at N18.25, while Berger Paints appreciated by 5.84 per cent to close at N8.15, per share. On the other hand, NEM Insurance led the losers’ chart by 8.33 per cent to close at N3.63, per share.

SUNU Assurance followed with a decline of 5.88 per cent, to close at 32 kobo, while Regency Alliance Insurance depreciated by 4.26 per cent to close at 45 kobo, per share.

Sovereign Trust Insurance declined by four per cent to close at 24 kobo, while Wapic Insurance depreciated by 3.92 per cent to close at 49 kobo, per share.

The total volume traded increased by 9.8 per cent to 235.234 million units, valued at N1.918 billion, and exchanged in 4,151 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 38.105 million shares valued at N40.126 million. Guaranty Trust Holding Compnay (GTCO) followed with 18.730 million shares worth N476.490 million, while Jaiz Bank traded 14.987 million shares valued at N9.819 million.

Ecobank Transnational Incorporated (ETI) traded 14.494 million shares valued at N126.344 million, while FBN Holdings (FBNH) transacted 13.419 million shares worth N161.061 million.

According to analysts at InvestmentOne research: “The equities market northwards due to the gains printed across major sectors. Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon. “

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