Index rises by N166 billion as BUA Cement, 39 others gain

Recovering from the previous losses, Nigerian Exchange Limited (NGX) posted a gain of N166 billion amid price appreciation in BUA Cement and 39 stocks.

At the close of transactions yesterday, the All-Share Index (ASI) gained 303.34 points, representing a gain of 0.43 per cent to close at 71,250.17 points.

Also, market capitalisation rose by N166 billion to close at N38.989 trillion. The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Northern Nigeria Flour Mills (NNFM), FBN Holdings (FBNH), Access Holdings and UAC of Nigeria (UACN).

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We expect a mixed sectoral performance tomorrow, amid trades in the banking sector dominating market activity.”

As measured by market breadth, market sentiment was positive, as 40 stocks gained relative to 16 losers. Secure Electronic Technology emerged as the highest price gainer of 10 per cent to close at 77 kobo.

Multiverse Mining and Exploration followed with a gain of 9.95 per cent to close at N7.07 kobo while SUNU Assurance advanced by 9.92 per cent to close at N1.33 kobo.

FBNH rose by 9.86 per cent to close at N26.75, while Thomas Wyatt Nigeria appreciated by 9.82 per cent to close at N3.02 kobo. On the other side, Abbey Mortgage Bank led others on the losers’ chart with 9.88 per cent to close at N1.55, per share.

FTN Cocoa Processors followed with a decline of 9.09 per cent to close at N1.50, while DAAR Communications shed 8.82 per cent to close at 31 kobo. Wapic Insurance lost 7.14 per cent to close at 65 kobo, while Veritas Kapital Assurance depreciated by 5.41 per cent to close at 35 kobo.

The total volume traded rose by 20.93 per cent to 433.568 million units, valued at N11.114 billion, and exchanged in 7,016 deals.Transactions in the shares of UACN led the activity with 61.711 million shares worth N947.412 million.

United Bank for Africa (UBA) followed with an account of 58.297 million shares valued at N1.241 billion, while Guaranty Trust Holding Company (GTCO) traded 22.997 million shares valued at N908.187 million.