Investors’ Bargain-hunting Lift NGX Market Cap by N324bn

Kayode Tokede

Investors renewed interest in BUA Foods Plc, Dangote Sugar Refinery, among other stocks lifted the overall market capitalisation by N324billion as the market opened the week on a positive note.

As BUA Foods gained 9.1 per cent, Dangote Sugar added 10 per cent, the Nigerian Exchange Limited All Share Index (ASI) rose by 592.47 basis points or 0.90 per cent to close at 66,151.38 basis points.

Consequently, the stock market Month-till-Date (MtD) and Year-till-Date (YtD) increased to 2.8per cent and 29.1per cent, respectively.

Also, market capitalisation appreciated by N324 billion to close at N36.205 trillion.

Market breadth closed positive as 34 stocks gained relative to 24 decliners. Dangote Sugar Refinery, Omatek Ventures, Thomas Wyatt Nigeria and Transnational Corporation (Transcorp) recorded the highest price gain of 10 per cent each to close at N52.25, 33 kobo, N1.87 and N7.38 respectively, per share.

SFS Real Estate Investment Trust Fund followed with a gain of 9.96 per cent to close at N92.15, while NASCON appreciated by 9.94 per cent to close at N49.20, per share.

On the other hand, Computer Warehouse Group led the losers’ chart by 10 per cent to close at N4.50, per share. John Holt followed with a decline of 9.80 per cent to close at N1.38, while NEM Insurance lost 9.54 per cent to close at N5.12, per share.

Secure Electronic Technology depreciated by 9.09 per cent to close at 30 kobo, while Cutix declined by 8.33 per cent to close at N2.20, per share.

The total volume traded declined by 12.61 per cent to 311.117 million units, valued at N3.915 billion, and exchanged in 7,193 deals. Transactions in the shares of Access Holdings topped the activity chart with 43.702 million shares valued at N703.328 million. Transcorp followed with 28.498 million shares worth N181.731 million, while Dangote Sugar Refinery traded 16.03 million shares valued at N820.840 million.

Consolidated Hallmark Insurance traded 15.565 million shares valued at N13.471 million, while Omatek Ventures sold 15.514 million shares worth N4.659 million.

On the stock market trading this week, analysts at United Capital Plc stated “we project mixed sentiments toward listed equities, with some investors’ continuing their cherry-picking activities around fundamentally sound stocks with strong potentials in terms of recently disclosed corporate actions.

“Other investors will continue to tilt more toward the money market to take advantage of the elevation of yields (particularly risk averse investors), which we term to be temporal pending the expected inflow.”