BUA Cement, NGX, 10 stocks lead equities’ N87b gain

Following gains recorded by many bluechip stocks, especially BUA Cement and Nigerian Exchange Group (NGXGroup), the equities market reopened in an upbeat yesterday, as market capitalisation increased by N87 billion.

In summary, the All-Share Index (ASI) expanded by 162.7 absolute points, representing an increase of 0.33 per cent to close at 49,189.32 points. While the overall market capitalisation value gained N87 billion to close at N26.532 trillion.

The market gain was driven by price appreciation in large and medium-capitalised stocks among which are: BUA Cement, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and Multiverse Mining and Exploration.

Analysts at United Capital Plc said: “We expect bearish sentiment to dominate the market as we project a rate hike, in line with rising inflationary pressures and global monetary hawkish tone, by the MPC in its September meeting.

“Accordingly, this will result in an increasing rate in the fixed income market, thus, making the equities market unattractive.”

Vetiva Dealing and Brokerage said: “Tepid sessions persist as investors continue to trade cautiously in the equity market and we expect a similar trading pattern tomorrow as investors await decisions at the MPC meeting currently ongoing.”

However, market sentiment, as measured by market breadth, was negative, as 17 stocks lost, while 12 others constituted the gainers’ chart. Multiverse Mining and Exploration recorded the highest price gain of 9.93 per cent to close at N3.10 kobo. FCMB Group followed with a gain of 8.02 per cent to close at N3.50 kobo while Union Bank of Nigeria (UBN) appreciated by 7.83 per cent to close at N6.20 kobo.

Japaul Gold and Ventures went up by 7.41 per cent to close at 29 kobo, while NGX Group appreciated by 5.88 per cent to close at N18.

Bua cement gained 5.43 kobo to close at N50.45 kobo. Wapic Insurance increased by 2.86 per cent to close at 36 kobo. RT Briscoe appreciated by 2.86 per cent to close at 36 kobo.

United Capital gained 2.23 per cent to close at N11.45 kobo. GTCO garnered 1.89 per cent to close at N18.85 kobo. Sterling Bank also appreciated by 1.34 per cent to close at N1.51 kobo.

On the other hand, Academy Press led the losers’ chart by 10 per cent to close at N1.53 kobo. NEM Insurance followed with a decline of 8.91 per cent to close at N4.91 kobo while Neimeth International Pharmaceuticals shed 8.33 per cent to close at N1.43 kobo.

Champion Breweries lost 7.86 per cent to close at N3.40, while Chams shed 7.41 per cent to close at 25 kobo. Mansard depreciated by 5.88 per cent to close at N1.60 kobo. Livestock shed 5.41 per cent to close at N1.05 kobo. Jaiz Bank dropped by 5.13 per cent to close at 74 kobo.

Vitafoam shed 4.23 per cent to close at N21.50 kobo. Lasaco also lost 2.17 per cent to close at 90 kobo.

The total volume of trades declined by 29.5 per cent to 119.284 million units, valued at N854.755 billion, and exchanged in 3,580 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 24.361 million shares valued at N10.961 million.

FCMB Group followed with 20.007 million shares worth N69.432 million, while Zenith Bank traded 8.868 million shares valued at N177.135 million.

Transnational Corporation of Nigeria (Transcorp) traded 5.923 million shares valued at N6.149 million, while United Bank for Africa transacted 5.876 million shares worth N42.64 million.