Nigerian stocks approach four-year high on increasing demand for BUA Foods shares

Nigerian stocks approach four-year high on increasing demand for BUA Foods shares

Nigerian stocks jumped for the fifth straight trading session on Monday, pushing the benchmark index up by 0.10 per cent and bringing it close to its summit in the roughly four years since January 29, 2018.

Investors continued to warm to the shares of the bourse latest arrival BUA Foods, which had been steering every gain recorded by the exchange since it debuted on Wednesday , as it combined with United Capital and UBA to drive gain this time around.

The consumer goods giant crossed the N1 trillion mark on Monday, its market value touching N1.053 trillion. That compares with the N720 billion valuation when it listed five days ago.

Market breadth , a barometer for measuring the prevailing sentiment towards trade, was positive considering that 28 gainers emerged relative to 19 laggards.

“We expect the market to maintain its bullish momentum as investors continue to take positions ahead of the dividend season amidst pockets of profit taking,” analysts at brokerage house United Capital said of this week in an outlook note seen by PREMIUM TIMES.
The all-share index edged up 42.71 basis points to 43,897.13, while market capitalisation rose to N23.7 trillion. Year to date, the index is up 2.76 per cent. TOP FIVE GAINERS

BUA Foods led the flock of gainers, appreciating by 9.96 per cent to close at N58.50. MRS added 9.72 per cent to end trade at N13.55. AIICO went up by 7.69 per cent to N0.84.

NPF Microfinance Bank rose to N1.98, notching up 6.45 per cent in the process. NEM completed the top 5, climbing by 6.02 per cent to N4.40. TOP FIVE LOSERS

NNFM topped losers, declining by 9.66 per cent to close at N6.55. Union Bank shed 6.90 per cent to end trade at N5.40. Red Star Express fell to N3.23, losing 6.38 per cent.

MTNN slumped to N185.50, recording 5.84 per cent depreciation. Sovereign Trust closed at N0.25, going down by 3.85 per cent. TOP FIVE TRADES

Altogether, 311.3 million shares estimated at N8.6 billion were traded in 4,159 deals.
BUA Foods was the most active stock with 101.4 million of its stocks worth N5.9 billion traded in 152 deals. Transcorp traded 51.2 million shares priced at N50.2 million in 173 transactions. Zenith had 12.1 million shares valued at N308.6 million traded in 361 deals.GTCO traded 10.4 million shares estimated at N265.6 million in 481 transactions. Sovereign Trust traded 9.5 million shares valued […]

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