Gains in BUA Foods, 23 stocks lift NGX index further by 0.3%

The reign of the bulls continued unabated on the equities sector of the Nigerian Exchange Limited (NGX), as many blue-chip stocks, especially BUA Foods and Academy Press join the league of gainers, resulting in a further rise in the All-Share Index (ASI) by 0.3 per cent.

Specifically, the market capitalisation of listed equities increased by 0.3 per cent to N23.497 trillion from N23.426 trillion reported the previous day.

The NGX All-Share Index also appreciated by 131.19 basis points to 43,607.94 points from 43,476.75 points reported on Wednesday.

Investors traded 174.610 million shares valued at N2.132 billion in 3715 deals against 1.240 billion shares worth N42.966 billion in 4032 deals.

A breakdown of yesterday’s trading showed that BUA Foods Plc led the gainers’ table during the day, gaining 10 per cent to close at N48.40 kobo. Academy Press followed with a gain of 9.09 per cent to close at 60 kobo. Meyer Paint rose by 8.70 per cent to close at 50 kobo.

Regal Insurance added 6.67 per cent to close at 48 kobo. Livestock Feed gained 6.22 per cent to close at N2.05 kobo.

On the contrary, Sunu Assurance topped the losers’ chart, dropping by 9.76 per cent to close at 37 kobo. NEM Insurance trailed with a loss of 7.76 per cent to close at N4.15 kobo.

FTN Cocoa fell by 7.69 per cent to close at 36 kobo, Oando Plc depreciated by 5.15 per cent to close at N4.60 kobo. Unilever Nigeria Plc dipped by 3.45 per cent to close at N14.00 kobo.

On the activity chart, FBNHoldings was the most active stock during the day, exchanging 27.092 million shares valued at N307.295 million, United Bank for Africa followed with 22.026 million shares worth N177.521 million, Transnational Corporation of Nigeria traded 11.996 million shares valued at N11.725 million, BUA foods traded 11.289 million shares valued at N544.692 million, Zenith Bank sold 10.267 million shares worth N260.603 million.

Analysts at Vetiva Dealings and Brokerage firm said: “So far, the market has traded slightly bullish with minimal activity level due to positive sentiments in BUAFoods and one-off gains seen in large-cap names like Airtel Africa and Nestle.

“We expect the market to close the week positive barring any significant price dip in any of the heavy-weight stocks amid improved sectoral performance.”