Bargain Hunting in BUA Cement, Others Lift Stock Market by N165bn

Bargain Hunting in BUA Cement, Others Lift Stock Market by N165bn

Darasimi Adebisi

The stock market of the Nigerian Exchange Limited (NGX) appreciated by N165billion in its Wee-on-Week performance as investors renewed interest in Nigerian Exchange (NGX) Group, Nigerian Breweries Plc, BUA Cement Plc, Total Nigeria Plc and Stanbic IBTC holdings Plc.

The stock market witnessed four days of trading activities as the Federal Government declared a day public holiday to commemorate the Islamic festival of Eid-il-Maulud.

The overall market capitalization rose by 0.78 per cent or N165billion in its week-on-week (w/w) from N21.625trillion it opened for trading activities to close at N21.794trillion last week.

Consequently, the NGX All-Share Index also appreciated by 0.78per cent or 325.11 basis points w/w to close at 41,763.26 basis points from 41,438.15 basis points the stock market opened for trading.

As a result, the stock market in its Month-till-Date (MTD) and Year-till-Date (YTD) return increased to +3.8per cent and +3.7per cent, respectively.

Analysing by sectors, the Industrial Goods appreciated by 2.6 per cent, while to Oil and Gas gained 1.4per cent and Banking appreciated by 0.7 per cent indices posted gains.

The Insurance index depreciated by 1.3 per cent and Consumer Goods down by 1.1 per cent in W/w stock market performance..

As the stock market commenced last week on a sluggish note, positive sentiments resurfaced later in the week as investors hurt for attractive dividend-paying stocks on the NGX.

For instance, the Nigerian Exchange Group appreciated 23.94 per cent or N4.25 to close at N22, while BUA Cement gained 6.67 per cent or N4.50 to close N72.00. Nigerian Breweries Plc also gained 7.41 or N3.55 to close last week at N51.45 from N47.90 the stock market.

Among the top losers last week was Royal Exchange Plc that dropped by 17.19 or N0.11 to close at N0.53, while Universal Insurance depreciated by 9.09 per cent or N0.02 to close w/w at N0.20.The Initiates Plc also dropped by 8.51 per cent or N0.04 to close last week at N0.43 and Academy Press was down by 8.33 per cent or N0.03 to close at N0.33 per share.However, the activity levels were weaker than the prior week, as trading volumes and value declined by 45.6per cent w/w and 42.9per cent w/w, respectively.The Exchange in its weekly report noted that a total turnover of 1.565 billion shares worth N18.384 billion in 21,621 deals were traded last week by investors.“The Financial Services Industry (measured by volume) led the activity chart with 1.179 billion shares valued at N12.746 billion traded […]

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