Nigeria’s equity market gains on buying interest in Bua, Lafarge, Sterling Bank
Nigeria’s equity market closed higher on Wednesday as buying interest in cement companies and the banking sector lifted the main market index and narrowed the year-to-day loss of the local bourse.
Results of transactions on the Nigerian Stock Exchange (NSE) showed that the all-share index rose by 0.47 percent to close at 24,595.05 points while YTD loss narrowed to -8.4 percent at the end of business on Wednesday.
Dealers said buying interest in Bua Cement, Lafarge Africa and Sterling Bank pushed up the value of the local bourse as the companies gained the highest at the close of trading.
Shares in Bua Cement advanced 8.5 percent, Lafarge Africa gained 5 percent, Sterling Bank gained 9.6 percent while Access Bank advanced 0.76 percent at the end of trading.
Market capitalisation appreciated ₦60.4 billion to ₦12.8 trillion from ₦12.770 trillion previously while the market breadth was negative with 12 gainers as against 22 losers.
Market activity level weakened as volume and value traded fell 29.5 percent and 67.0 percent to 198.0 million units and ₦1.0 billion respectively.
The most active stocks by volume were WAPIC with 30.3 million units traded While United Bank for Africa (UBA) traded 20.2 million units and Transcorp 19.4 million units.
Guinness Nigeria Issues Profit Warning Due To Covid-19, Asset Impairment
The NSE 30 Index increased by 0.59 percent at the end of trading on Wednesday.
Guinness Nigeria, which issued profit warning on Tuesday fell 3.45 percent at the close of trading.
Guinness Nigeria has announced a profit warning against its 2019 financials due in August, as beer brewer said it expected the impact of coronavirus pandemic to eat deep into its profitability.
The company’s financial year ends on June 30, and the audited result will be released in August, according to a regulatory filing by the local unit of Diageo.