Equities market hits N15.175trn over BUA Cement listings, others

Temitope Adebayo

The equities market of the Nigerian Stock Exchange (NSE) hits N15.175 trillion mark last week over BUA cement listing of N1.18 trillion to the daily official list of the Exchange.

NSE admitted 33.864 billion ordinary shares of 50 kobo each of BUA Cement at N35 per share on its daily official list, adding N1.18 trillion to the capitalisation of the exchange. This makes BUA Cement the third largest company on the NSE.

Bullish continued in the equities market, driven by investors’ interest in value stocks and positioning ahead of dividend yield amidst anticipating full-year financials.

The gain in Dangote Cement also contributed to increase in equities market performance last week. The share price of Dangote Cement top gainers chart last week, closing at N172.00 from N142 it closed in the prior week. Also, Presco plc added N9.40 or 19.79 per cent to close at N56.90 from N47.50.

The NSE All-Share Index (ASI) increased by 9.07 basis points last week, to close at 29,415.39 basis points from 26,968.79 basis points. Also, the overall market capitalisation size rose by N2.156 trillion, to close at N15.175 trillion from N13.019 trillion it closed in the prior week.

All other indices finished higher with the exception of NSE Oil/Gas index, which depreciated by 0.04per cent and NSE ASeM Index which closed flat.

The weekly market report of the NSE stated that, “A total turnover of 2.683 billion shares worth N32.646 billion in 30,956 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 2.309 billion shares valued at N21.675 billion that exchanged hands last week in 14,906 deals.

“The financial services industry (measured by volume) led the activity chart with 2.035 billion shares valued at N18.592 billion traded in 18,876 deals; thus contributing 75.87 per cent and 56.95per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 225.720 million shares worth N504.123 million in 1,217 deals. The third place was Consumer.