BUA Cement, Beta Glass, Others Buoy NGX Index by 0.62%

By Dipo Olowookere

The local stock market further appreciated by 0.62 per cent on Thursday on the back of sustained buying interest in equities with sound fundamentals.

Data from the Nigerian Exchange (NGX) Limited showed that the industrial goods sector gained 2.89 per cent yesterday, as the insurance space expanded by 1.88 per cent, with the banking counter growing by 1.18 per cent. However, the consumer goods index shed 0.74 per cent due to selling pressure, while the energy segment lost 0.01 per cent to profit-taking.

When Customs Street shuts its doors for the day, the All-Share Index (ASI) grew by 1,523.59 points to 246,315.38 points from 244,791.79 points, and the market capitalisation rose by N1.177 trillion to N159.892 trillion from N158.715 trillion.

The quartet of BUA Cement, Consolidated Hallmark, Beta Glass, and UPDC REIT gained 10.00 per cent each to sell for N297.00, N7.37, N511.50, and N17.60, respectively, while Royal Exchange appreciated by 9.89 per cent to N1.00.

Conversely, Transcorp Power lost 9.97 per cent to trade at N197.70, Legend Internet slumped by 9.88 per cent to N3.65, Omatek depreciated by 9.66 per cent to N1.31, LivingTrust Mortgage Bank fell by 8.45 per cent to N2.60, and International Breweries dropped by 5.94 per cent to N10.30.

Business Post reports that the bourse ended with 34 price gainers and 23 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.

During the session, 1.1 billion stocks worth N46.0 billion exchanged hands in 54,102 deals versus the 662.4 million stocks valued at N37.5 billion sold in 63,271 deals on Wednesday, representing a surge in the trading volume and value by 66.06 per cent and 22.67 per cent, respectively, and a decrease in the number of deals by 14.49 per cent.

Fidelity Bank finished the session as the most active equity after it transacted 524.3 million units for N10.3 billion. Mutual Benefits sold 80.9 million units worth N266.7 million, Zenith Bank exchanged 78.6 million units valued at N10.1 billion, Sterling Holdings traded 75.8 million units for N572.7 million, and Access Holdings sold 44.7 million units valued at N1.3 billion.