NGX Gains N70bn On Sustained Bargain Hunting In 24 Stocks

Motolani Oseni

The equities market of the Nigerian Stock Exchange Limited (NGX) on Thursday appreciated by N70 billion on sustained bargains hunting in BUA Foods, Lafarge Africa and 22 other stocks.

Specifically, the overall market capitalisation value gained N70 billion to close at N23.497 trillion, while the All Share Index (ASI) rose by 131.19 points, representing an increase of 0.30 per cent to close at 43,607.94 points.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Foods, Lafarge Africa, Nigerian Exchange Group (NGXGroup), UAC of Nigeria (UACN) and United Capital.

Analysts at Afrinvest Limited said that “In the final trading session, we expect the local bourse to extend the positive momentum as investor sentiment continues to build up.”

Market sentiment, as measured by market breadth, was positive as 24 stocks declined, relative to 13 gainers.

BUA Foods recorded the highest price gain of 10 per cent to close at N48.40, per share. Academy Press followed with a gain of 9.09 per cent to close at 60 kobo, while Meyer Plc up by 8.70 per cent to close at 50 kobo, per share.

Regency Alliance Insurance rose by 6.67 per cent to close at 48 kobo, while Livestock Feeds appreciated by 6.22 per cent to close at N2.05, per share. On the other hand, SUNU Assurance led the losers’ chart by 9.76 per cent to close at 37 kobo, per share. NEM Insurance followed with a decline of 7.78 per cent, to close at N4.15, while FTN Cocoa processors depreciated by 7.69 per cent to close at 36 kobo, per share.

Oando declined by 5.15 per cent to close at N4.f0, while Unilever Nigeria depreciated by 3.45 per cent to close at N14.00, per share.

Meanwhile, the total volume of trades decreased by 85.9 per cent to 174.611 million units, valued at N2.133 billion, and exchanged in 3,715 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 27.093 million shares valued at N307.296 million.

United Bank for Africa (UBA) followed with 22.027 million shares worth N177.522 million, while Transnational Corporation of Nigeria (Transcorp) traded 11.996 million shares valued at N11.725 million.

BUA Foods traded 11.289 million shares valued at N544.693 million, while Zenith Bank transacted 10.267 million shares worth N260.603 million.