Gains in BUA foods, 27 stocks lift capitalisation further by N28 billion
TRANSACTIONS on the equities sector of the Nigerian Exchange ( NGX) market capitalisation increased by N28 billion yesterday, amid sustained bargain hunting in BUA foods and 27 stocks.
Specifically, the All- Share Index ( ASI) increased by 42.71 absolute points, representing a growth of 0.10 per cent to close at 43,897.13 points.
Similarly, the overall market capitalisation size gained N28 billion to close at N23.651 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, BUA Foods, MRS Oil Nigeria, Vitafoam Nigeria and PZ
Cussons Nigeria.
Analysts at United Capital predicted that the market would sustain its bullish momentum as investors continue to take positions ahead of full year earnings and dividend declarations.
Vetiva Dealings and Brokerage firm said: “Investors took profit in the banking and oil and gas sectors today given the gains recorded last week, with losses in Oando, Ardova, and GTCO amongst others.
"We foresee another mixed sectoral performance, as investors continue to snap up attractive counters."
Market sentiment, as measured by the market breadth, was positive, as 28 stocks gained relative to 19 losers.
BUA Foods recorded the highest price gain of 9.96 per cent, to close at N58.50 kobo. MRS Oil Nigeria followed with a gain 9.72 per cent to close at N13.55, kobo, while PZ Cussons Nigeria rose by 8.53 per cent to close at N7.00 kobo.
AIICO Insurance went up by 7.69 per cent to close at 84 kobo, while NPF Microfinance Bank appreciated by 6.45 per cent to close at N1.98 kobo.
On the other hand, Northern Nigeria Flour Mills ( NNFM) led the losers’ chart by 9.66 per cent, to close at N6.55 kobo. United Bank for Africa ( UBA) followed with a decline of 6.90 per cent to close at N5.40 kobo, while Red Star Express lost 6.38 per cent to close at N3.23 kobo.
MTN Nigeria Communications ( MTNN) lost 5.84 per cent to close at N185.50, while Sovereign Trust Bank shed 3.85 per cent to close at 25 kobo.
Meanwhile, the total volume traded equities declined by 21.23 per cent to 311.256 million shares, worth N8.642 billion, and traded in 5,159 deals.