NGX Gains N250bn as BUA Foods, Dangote Sugar Rally



NGX Gains N250bn as BUA Foods, Dangote Sugar Rally

NGX Gains N250bn as BUA Foods, Dangote Sugar Rally

The Nigerian Exchange (NGX) rallied on Monday after closing negative last week. As a result of fresh interest in the consumer goods sector, market capitalisation rose by #250 billion. Reversing a negative trend, the equities market resumed the week’s trading on a positive note. The uptrend was supported by bargain-hunting activities in BUAFOODS (+9.3%) – one of the NGX market movers.

Driving the momentum, stockbrokers saw equities investors’ renewed interest in BUA Foods, and Dangote Sugar PLC among other growth stocks. Transcorp recorded a spike in trading activities, which lifted its market price. There was buying interest in WAPCO following a bucket of buying ratings from Broadstreet analysts. Stock buyers also take a position in UBA ahead of the earnings release.

As a result of the bullish activities, the Nigerian Exchange All-Share Index advanced by 0.7% to 65,202.41 points. This pushed year-to-date return higher, closing at 27.2%, still ahead of the annual inflation rate of 24.08%. The total volume traded dipped by 56.9% to 231.60 million units, valued at N3.99 billion, and exchanged in 5,494 deals.  TRANSCORP was the most traded stock by volume at 36.84 million units, while MTNN was the most traded stock by value at N1.45 billion.

Investors picked up shares of BUAFOODS (+9.29%), TRANSCORP (+5.29%), DANGSUGAR (+2.86%), WAPCO (+0.73%), and UBA (+0.72%) at higher prices today. On sectors, the Consumer Goods (+5.0%) and Insurance (+0.4%) indices printed gains, while the Oil & Gas (-0.7%) and Banking (-0.4%) declined. Meanwhile, the Industrial Goods index closed flat.

As measured by market breadth, market sentiment was positive (2.1x), as 31 tickers gained relative to 15 losers.  JOHNHOLT (+9.7%) and SCOA (+9.4%) recorded the most significant gains of the day, while TANTALIZER (-10.0%) and OMATEK (-9.1%) topped the losers’ list.

Overall, equities market capitalization rose by ₦250.00 billion, representing a growth of +0.71%, to close at ₦35,684.83 trillion from ₦35,435 last Friday In the forex market, the naira struggled to keep the previous week’s rally. The local currency depreciated by 2.9% to N761.32 at the Investors and Exporters FX Window due to weak supply side. #NGX Gains N250bn as BUA Foods, Dangote Sugar Rally

Nigerian Treasury Bills Yield Rises to 7%


Subscribe to our magazine

━ more like this

AFCON 2023 Countdown: Cote d’Ivoire may turn back some Nigerians over travel passports

BY KUNLE SOLAJA. Nigerians holding the ECOWAS Travel Certificates and going for the Africa Cup of Nations next month are certain...

Namibia trainer Benjamin names list of 28 players

Namibia will make its fourth African Cup of Nations appearance Coach Collin Benjamin has called up 28 players The Brave Warriors...

Guinea coach Diawara names 25-man squad for AFCON

Guinea will be making its 13th  African Cup of Nations appearance Coach Kaba Diawara has called up 25 players Syli National...

Mozambique coach Conde announces 23-man squad

Mozambique will make their fifth  African Cup of Nations appearance Coach Chiquinho Condé has called up 23 players The Mambas placed...

Osimhen extends contract with Napoli till 2026

Nigerian international forward Victor Osimhen has signed a contract extension with Napoli until 2026, the Serie A champions announced on Saturday....


Please enter your comment!
Please enter your name here