Gains in BUA, Stanbic IBTC, others lift capitalisation by N262 billion

Following gains recorded in BuaFoods, Stanbic IBTC and 29 stocks, the Nigerian equities market reopened in an upbeat yesterday, as market capitalization rose by N262 billion.

At the close of transactions yesterday, the market capitalization of listed equities appreciated by 0.74 percent to N35.684 trillion from N35.42 trillion reported the previous day.

Also, the all-share index (ASI) appreciated by 481.32 basis points to 65202.41 points from 64721.09 points traded on Friday.

The improved performance on the Nigerian Exchange Limited (NGX) was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Buafoods, Stanbic IBTC, Dangote Sugar Refinery, Nigerian Aviation Handling Company, GlaxoSmithKline and National Salt Company of Nigeria.

Analysts at Vetiva Dealings and Brokerage said: “Asides decline in the banking sector, sentiment was generally bullish, as market breadth closed positive at 2.07x (31 advancers and 15 losers). We expect another mixed session tomorrow (today).”

On the price movement chart, 31 stocks appreciated while 15 constituted the losers’ chart.

JohnHolt led the gainers’ chart with 9.66 percent to close at N1.59 kobo while SCOA Plc followed with a gain of 9.40 percent to close at N1.28 kobo. BUAFoods added 9.29 percent to close at N152.90 kobo, Mansard rose by 6.85 percent to close at N3.90 kobo, Livestock gained 6.82 per cent to close at N1.88 kobo.

TransNational Corporation of Nigeria (Transcorp) added 5.29 percent to close at N438 kobo. GlaxoSmithKline gained 5.15 per cent to close at N10.20 kobo.

AIICO insurance garnered 4.48 percent to close at N19. Nigerian Aviation Handling Company appreciated by 4.40 kobo to close at N19. Guinea insurance increased by 3.45 percent to close at 70 kobo. Dangote Sugar Refinery also rose by 2.86 percent to close at N36.

On the contrary, Tantalizer recorded the highest loss, shedding 10 percent to close at 36 kobo, Omatek trailed with a loss of 9.09 percent to close at 30 kobo, Jaiz Bank fell by 7.78 per cent to close at N1.54 kobo, Chi Plc failed by 7.61 percent to close at 85 kobo, Cornerstone Insurance dipped by 6.15 percent to close at N1.22 kobo.

Chams depreciated by four kobo to close at 96 kobo. Veritas Kapital declined by 3.85 per cent to close at 25 kobo. Fidelity Bank dropped 3.38 kobo to close at N7.15 kobo. RedStar Express lost 3.03 percent to close at N3.20 kobo.

Honeywell flour mills shed 2.50 percent to close at N3.12 kobo. Sunu Assurance fell by 2.44 percent to close at 80 kobo. FBN Holdings also dropped 1.60 percent to close at N18.50 kobo.

Volume of trades declined by 305.985 million, representing 56.91 percent as investors traded 231.599 million shares valued at N3.992 billion in 5494 deals against 537.584 million shares worth N9.394 billion exchanged hands the previous day in 5893 deals.

Transactions in the shares of Transcorps led market activities during the day with 36.837 million shares valued at N159.312 million, Universal insurance followed with an account of 16.989 million shares worth N3.611 million.

GTCO Plc traded 15.442 million shares worth N563.447 million, Jaiz Bank traded 14.464 million shares valued at N22.895 million, Chi Plc exchanged 12.754 million shares valued at N10.69 million.