Business

Gains in BUA Cement, 21 stocks lift index by N74b

The Nigerian equities market yesterday halted its three-day losses as gains in BUA Cement Plc and 21 others lifted the market by N74 billion.The all-share index (ASI) gained 130.66 points, representing a gain of 0.13 per cent to close at 104,387.47 points.

Also, market capitalisation rose by N74 billion to close at N59.022 trillion.The upturn was driven by price appreciation in large and medium-capitalised stocks amongst which are; BUA Cement, Guinness Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO) and Transnational Corporation (Transcorp).

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “The market continues to trade mixed, as market breadth closed with a negative figure of 0.76×, while the banking sector supported market performance and activity.

As market anticipates FY’23 numbers from the banking sector, we expect to see trade remain elevated in that space.” Investor sentiment, as measured by market breadth closed negative as 23 stocks advanced, while 30 declined. Juli emerged the highest price gainer of 10 per cent to close at N7.15 kobo.

Transcorp followed with a gain of 9.96 per cent to close at N14.90 kobo while International Energy Insurance increased by 9.66 per cent to close at N1.59 kobo.eTranzact International advanced by 9.65 per cent to close at N6.25, while Guinea Insurance also rose by 8.33 per cent to close at 39 kobo.On the other side, Deap Capital Management and Trust led others on the losers’ chart with 10 per cent to close at 63 kobo, per share.

Tourist Company of Nigeria followed with a decline of 9.86 per cent to close at N2.56, while CWG shed 9.09 per cent to close at N5.50 kobo. Caverton Offshore Support Group went down by 8.57 per cent to close at N1.60 kobo while Omatek Ventures depreciated by 8.05 per cent to close at 80 kobo. The total volume traded rose by 12.8 per cent to 336.816 million units, valued at N9.285 billion, and exchanged in 8,790 deals.

Transactions in the shares of United Bank for Africa (UBA) led the activity with 63.882 million shares worth N1.722 billion.

Access Holdings followed with account of 32.02 million shares valued at N750.038 million, while Zenith Bank traded 21.772 million shares valued at N846.995 million.Transcorp traded 20.619 million shares worth N300.491 million, while GTCO traded 19.038 million shares worth N894.623 million.

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