Gains in Okomuoil, BUA Foods, others lift capitalisation by N40b

Following gains recorded by Okomuoil Plc and BUA Foods, the Nigeria equities market reversed losses to resume in an upbeat form yesterday as market capitalisation increased by N40 billion.

At the close of transactions yesterday, the All-Share Index of the Nigerian Exchange Limited (NGX) appreciated by 63.83 basis points to 96037.28 points from 95973.45 points it closed on Friday, while market capitalisation of listed equities increased by 0.07 per cent to N55.165 trillion from N55.129 trillion.

The positive performance of the market was primarily driven by gain recorded in the shares of BUA Foods, Dangote Sugar, FBNHoldings Eterna Plc, Oando Plc, Okomuoil , RTBriscoe and 21 others.

Consequently, year to date return went up to 28.44 per cent as NGX printed 28 gainers against 18 losers.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage, said: “We expect the market to trade in a mixed manner, as investors react to the latest macroeconomic data for the country. The NBS released Nigeria’s second quarter (Q2) 2024 GDP report showcasing a 3.14 per cent y/y rise in real GDP for Q2’24.”

On the price movement chart, Eterna Plc led gainers’ table with 10 per cent to close at N23.10 kobo while Okomuoil followed with a gain of 9.99 per cent to close at N379.80 kobo.

RTBriscoe added 9.96 per cent to close at N2.98 kobo. Oando Plc advanced by 9.93 per cent to close at N52.60 kobo, Japaul Gold increased by 9.73 per cent to close at N2.48 kobo.

Veritas Kapital added 9.52 per cent to close at N1.38 kobo. The Initiates Plc appreciated by 9.36 per cent to close at N2.22 kobo. NSL Tech garnered 9.30 per cent to close at 47 kobo. MC Nicholas rose by 9.09 per cent to close at N1.08 kobo. Deap Capital also advanced by 8.93 per cent to close at 61 kobo.

However, Transcorp power topped the losers’ chart, dropping by 9.99 per cent to close at N335.20 kobo. Abbey Building Society trailed with a loss of 9.69 per cent to close at N2.33 kobo.

United Capital was down by 8.35 per cent to N18.10 kobo. UPL dipped by 5.51 per cent to close at N2.40 kobo, Unilever Nigeria Plc dropped by 5.26 per cent to close at N18.

Accesscorp shed 4.76 per cent to close at N19. FTN Cocoa declined by 2.63 per cent to close at N1.85 kobo. CWG lost 2.56 per cent to close at N5.70 kobo. Livestock Feeds depreciated by 2.22 per cent to close at N2.20 kobo. International Breweries also shed 1.86 per cent to close at N4.22 kobo.

Volume of trades increased by 63.24 million, representing 19.32 per cent as investors traded 390.512 million shares valued at N3.884 billion in 9242 deals against 327.276 million shares valued at N4.609 billion exchanged hands the previous day in 7351 deals.

Transactions in the shares of Veritas Kapital led market activities with 67.269 million shares valued at N90.254 million, Japaul Gold followed with 23.923 million shares cost N58.251 million, FCMB group traded 20.483 million shares worth N155.668 million, Prestige insurance exchanged 20.243 million shares valued at N10.283 million while Chams exchanged 18.320 million shares cost N38.769 million.