Stock Market Rebounds, Gains N165bn on Investors Demand for UBA, BUA Cement
The stock market of the Nigerian Exchange Limited (NGX) yesterday recovered from prior days’ losses as investors renewed interest in United Bank for Africa Plc (UBA), BUA Cement Plc and nine others pushed the market capitalisation up by N165 billion.
BUA Cement stock price gained 4.93per cent to close at N150.00 per share, FBN Holdings rose by 9.96per cent to close at N28.70 per share and UBA appreciated by 0.21 per cent to close at N24.00 per share yesterday.
Amid BUA Cement, others growth, the NGX All-Share Index (ASI) gained 301.71 basis points or 0.30 per cent to close at 101,362.38 basis points from 101,060.67 basis points it closed for trading the previous day.
Also, market capitalisation rose by N165 billion to close at N55.464 trillion from
N55.299trillion it stock market opened for trading yesterday.
On sectors, the NGX Industrial Goods rose by 1.6per cent, NGX Banking appreciated by 0.3per cent and NGX Oil & Gas gained 0.1per cent, while the NGX Insurance dropped by 2.5per cent and NGX Consumer Goods depreciated by 0.2per cent.
As measured by market breadth, market sentiment remains weak, as 11 stocks gained relative to 43 losers.
FBNH emerged the highest price gainer of 9.96 per cent to close at N28.70, per share. Juli followed with a gain of 9.60 per cent to close at N1.94, while Mutual Benefits Assurance advanced by 9.38 per cent to close at 70 kobo, per share.
Regency Alliance Insurance increased by 7.32 per cent to close at 44 kobo, while BUA Cement added 4.93 per cent to close at N150.00. On the other side, Okomu Oil led others on the losers’ chart with 10 per cent to close at N243.00, per share. Morison Industries followed with a decline of 9.69 per cent to close at N2.05, while Sterling Financial Holdings Company shed 9.58 per cent to close at N4.34, per share.
Japaul Gold and Ventures lost 9.34 per cent to close at N2.33, while Caverton Offshore Support Group depreciated by 9.19 per cent to close at N1.68, per share.
The total volume of trades increased by 18.19 per cent to 302.740 million units, valued at N6.552 billion, and exchanged in 8,611 deals. Transactions in the shares of FBNH led the activity with 39.378 million shares worth N1.103 billion. Japaul Gold & Ventures followed with account of 30.196 million shares valued at N71.041 million, while Transnational Corporation (Transcorp) traded 27.362 million shares valued at N353.098 million.