NGX Inches Higher as BUA, Banking Stocks Rally

NGX Inches Higher as BUA, Banking Stocks Rally

The Nigerian Exchange (NGX) records gain on Monday following heavy demand for BUA Cement and other banking stocks in the local bourse. As a result, investors net worth jumped by more than N103 billion over the fresh rally after selloffs last week.

Shares appreciation in Zenith, GTCO, FCMB and Union Bank of Nigeria drove banking index upward while the Nigerian Exchange All-Share Index popped up. Last week, stock market shed N242 billion, recording four days of selloff and a rally.

It is a good start to the week as activities in the domestic equities market resumed on a positive note as the All-Share Index notched a 0.4% increase to close at 49,218.35 points.

Also, the Nigerian most valuable lender, Zenith bank, share price rose by 0.25%. Accordingly, the month-to-date and year-to-date returns settled at -1.2% and +15.2%, respectively. Trading data shows that total volume of trades declined by 29.5% to 119.28 million units, valued at N854.76 billion, and exchanged in 3,580 deals.

Renewed investors’ interest in BUA Cement, Guaranty Trust Holding Company (GTCO) and Zenith Bank were the primary drivers of the overall strong performance of the market.

The market breath closed negative as 12 stocks advanced and 17 stocks declined. Multiverse Mining & Exploration led the gainers’ table during the day, gaining by 10 per cent to close at N3.10 per share.

FCMB followed with a gain of 8.02 per cent to close at N3.50, while Union Bank of Nigeria (UBN) inched up by 7.83 per cent to close at N6.20 per share. READ:NGX Inches Higher Amid Q1 Earnings Season

Japaul Gold &Ventures grew by 7.41 per cent to close at 29k per share. NGX Group appreciated by 5.88 per cent to close at N18 per share. On the other hand, Academy Press topped the losers’ chart, depreciating by 10 per cent to close at N1.53 per share.

NEM Insurance trailed with a loss of 8.91 per cent to close at N4.91, while Neimeth declined by 8.33 per cent to close at N1.43 per share.

Champion Breweries was down by 7.86 per cent to close at N3.40, while Chams lost by 7.41 per cent to close at 25k per share. Transactions in the shares of Courteville Business Solutions topped the activity chart with 24.36 million shares valued at N10.96 million.

FCMB followed with 20 million shares worth N69.43 million, while Zenith Bank traded 8.87 million shares valued at N177.14 million. Transcorp traded 5.92 million shares valued at N6.15 million, while United Bank for Africa (UBA) transacted 5.88 million shares worth N42.64 million.

Sectorial performance was mixed, as the Insurance index lost 2.6%, Consumer Goods index fell by 0.7%, and Oil & Gas went down 0.3%. Meanwhile, the Industrial Goods index inched higher by 1.9% while banking index grew by 0.6%.

The equities segment of the Nigerian Exchange market capitalization advanced by ₦103.42 billion, an increase of 0.39% to close at ₦26.55 trillion from ₦26.44 trillion.

# NGX Inches Higher as BUA, Banking Stocks Rally#
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