BUA Cement, Seplat Drive NGX 2.87% Growth Amid Drop in Activity Level

January 20, 2024
BUA Cement

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited sustained its upward movement on Friday despite the level of activity waning on the last trading session of the week.

Business Post reports that the trading volume, value and number of deals decreased during the session by 25.95 per cent, 21.76 per cent, and 14.32 per cent apiece.

This was as a result of the 844.5 million shares worth N15.1 billion transacted in 15,255 deals yesterday compared with the 1.1 billion shares worth N19.3 billion traded in 17,804 deals on Thursday.

Investors slowed down their hunger for Nigerian stocks, which have been on steroids for some past trading sessions, stretching from last year.

Transcorp was the busiest equity on Friday as it exchanged 80.3 million units valued at N1.5 billion, Veritas Kapital traded 80.1 million units worth N59.6 million, Fidelity Bank transacted 60.6 million units worth N785.1 million, Jaiz Bank sold 36.3 million units for N131.8 million, and UBA traded 34.9 million units valued at N1.1 billion.

It was observed that the financial services industry remained under pressure due to profit-taking by traders, who are liquidating their holdings in the space.

Data from the bourse indicated that the banking sector went down by 0.46 per cent yesterday, and the insurance counter depreciated by 0.13 per cent.

However, they could not drag the NGX to the bears, as a result of the persistent bargain-hunting in the three other key sectors of the market.

The industrial goods index appreciated by 9.34 per cent, the energy sector improved by 5.30 per cent, and the consumer goods counter gained 0.41 per cent.

At the close of business, the All-Share Index (ASI) closed higher by 2,641.15 points to 94,538.12 points from 91,896.97 points, and the market capitalisation grew by N1.445 trillion to N51.735 trillion from N50.290 trillion.

It was slim victory for the bulls at the NGX on Friday, as there were 36 appreciating equities and 35 depreciating equities, indicating a positive market breadth index and a relatively strong investor sentiment.

BUA Cement and Seplat gained 10.00 per cent each yesterday to finish at N148.50 and N2,541.00 apiece. May & Baker rose by 9.99 per cent to N8.26, Dangote Cement jumped by 9.98 per cent to N538.80, and Honeywell Flour soared by 9.96 per cent to N5.85.

Conversely, Lasaco Assurance fell by 9.85 per cent to N2.47, C&I Leasing declined by 9.82 per cent to N3.95, Mutual Benefits shed 9.41 per cent to 77 Kobo, NAHCO slumped by 9.38 per cent to N33.80, and PZ Cussons slipped by 9.31 per cent to N35.55.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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