Bargain hunting in BUA Foods, 29 stocks lifts index by N30 billion

Transactions on the equities sector of the Nigeria Exchange Limited (NGX) sustained rising profile yesterday, as bargain-hunting in BUA Foods Plc and 29 others spurred N30 billion rise in the overall market capitalisation.

At the close of transactions, the all-share index (ASI), which measures the performance of listed firms, rose by 5.54 points or 0.08 per cent to close at 68,334.68 points.

Also, market capitalisation increased by N30 billion to close at N37.4 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are BUA Foods, Beta Glass, Dangote Sugar Refinery, Oando and CWG.

Analysts at Vetiva Dealings and Brokerage said: “Eight banking stocks closed in the red today, as investors took profit after few sessions of positive activities. We expect mixed sessions, as the market awaits the outstanding earnings reports in that space.”

Market breadth closed slightly negative, as 30 stocks gained relative to 31 decliners. Beta Glass, SUNU Assurance, Multiverse Mining and Exploration and Omatek Ventures emerged the highest price gainer of 10 per cent each to close at N42.90, 88 kobo, N2.97 kobo and 55 kobo respectively.

Oando followed with a gain of 9.84 per cent to close at N6.70 kobo while CWG advanced by 9.75 per cent to close at N4.39 kobo.

On the other side, Secure Electronic Technology led others on the losers’ chart with 10 per cent to close at 27 kobo.
Chellaram followed with a decline of 9.8 per cent to close at N3.22, while Ikeja Hotel declined by 9.68 per cent to close at N2.80 kobo.

John Holt depreciated by 9.03 per cent to close at N1.31 kobo while NEIMETH International Pharmaceuticals shed 8.93 per cent to close at N1.53 kobo.

The total volume traded declined by 34 per cent to 557.85 million units, valued at N10.21 billion, and exchanged in 9,818 deals.

Transactions in the shares of United Bank for Africa (UBA) led the activity with 63.322 million shares worth N951.178 million. Oando followed with account of 61.259 million shares valued at N409.752 million. Fidelity Bank traded 58.142 million shares valued at N486.484 million.

Access Holdings traded 42.11 million shares worth N728.418 million, while Transnational Corporation (Transcorp) traded 40.699 million shares worth N272.158 million.
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