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HomeBusinessNigeria's share index gains 0.33% as BUA Cement, GTCO rally

Nigeria’s share index gains 0.33% as BUA Cement, GTCO rally

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By Ifeyinwa Ezeokoli 


Activities in the domestic equities market resumed the week on a positive note on Monday as the All-Share Index notched a 0.33 per cent increase, lifted by gains in BUA Cement, GTCO and NGX Group. 

The positive performance was supported by bargain-hunting in Bua Cement (+5.4%). 

In summary, the All-Share Index expanded by 162.70  points, representing an increase of 0.33 per cent to close at 49,189.32. 

Accordingly, the month-to-date and year-to-date returns settled at -1.2 per cent and +15.2 per cent, respectively.

Also, the market capitalisation gained N87 billion to close at N26.532 trillion.  

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and Multiverse Mining and Exploration.

This week, United Capital Plc expected “bearish sentiment to dominate the market as we project a rate hike, in line with rising inflationary pressures and global monetary hawkish tone, by the MPC in its September meeting.

“Accordingly, this will result in an increasing rate in the fixed income market, thus making the equities market unattractive.”

However, market sentiment, as measured by market breadth, was negative with 17 stocks losers in relative to 12 gainers. 

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Multiverse Mining and Exploration led the gainers’ chart in percentage terms by 9.93 per cent to close at N3.10 per share. 

FCMB Group followed with 8.02 per cent to close at N3.50, while Union Bank of Nigeria appreciated by 7.83 per cent to close at N6.20 per share.

Japaul Gold and Ventures rose by 7.41 per cent to close at 29k, while NGX Group appreciated by 5.88 per cent  to close at N18 per share. 

On the other hand, Academy Press led the losers’ chart in percentage terms by 10 per cent to close at N1.53 per share. 

NEM Insurance followed with 8.91 per cent to close at N4.91 and Neimeth International Pharmaceuticals shed 8.33 per cent to close at N1.43 per share.

Champion Breweries lost 7.86 per cent to close at N3.40, while Chams shed 7.41 per cent to close at 25knj per share.

Also, the total volume of trades declined by 29.5 per cent to 119.284 million units valued at N854.76 billion in 3,580 deals. 

Transactions in the shares of Courteville Business Solutions topped the activity chart with 24.36 million shares valued at N10.96 million. 

FCMB Group followed with 20.01 million shares worth N69.43 million, while Zenith Bank traded 8.868 million shares valued at N177.14 million.

Transcorp traded 5.92 million shares valued at N6.15 million, while United Bank for Africa transacted 5.876 million shares worth N42.64 million.

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