Equities Market Rises by N70bn as BUA, MTNN Rally
The Nigerian equities market gained more than N70 billion on the first trading session in the new week as the market price of BUA Cement plc, MTN Nigeria Plc share jumped.
The positive price movement in these two bellwethers pushed the Nigerian Exchange index higher by +0.18%. Boosting key performance indicators, the trading result indicated that Alpha seekers took positions in MTNN, and BUACEMENT ahead of fourth quarter earnings. Consequently, the year-to-date return advanced to 39.84%.
Due to buying momentum, the market index or All-Share Index increased by 128.17 basis points today, representing a rise of +0.18% to close at 71,669.91, stockbrokers said.
However, market activities slipped as the total volume and total value traded dropped by -25.51% and -46.53% respectively. In its market note, Atlass Portfolios Limited said approximately 375.32 million units valued at ₦3,853.49 million were transacted in 7,011 deals.
VERITASKAP was the most traded stock in terms of volume, accounting for 23.88% of the total volume of trades, followed by UNIVINSURE (11.93%), ACCESSCORP (8.16%), FIDELITYBK (6.38%), and UBA (3.46%) to complete the top 5 on the volume chart.
ACCESSCORP was the most traded stock in value terms, with 16.01% of the total value of trades on the exchange. ETI topped the advancers’ chart with a price appreciation of 9.88 per cent.
The Pan African lender was trailed by DEAPCAP (9.84%), SCOA (+9.63%), INFINITY (+9.60%), UPL (+8.94%), and twenty-four others.
Twenty-two stocks depreciated, according to stockbrokers’ notes. RTBRISCOE was the top loser, with a price depreciation of -9.68%. Also leading the loser chart were: NSLTECH (-9.33%), NEM (-9.32%), NNFM (-8.44%), MECURE (-7.69%), and JAIZBANK (-3.13%).
Given the trading pattern, the market breadth closed positive, recording 29 gainers and 22 losers. Data from the Nigerian Exchange showed that market sector performance was positive, as three of the five major market sectors closed in the green.
The banking sector grew by +1.59%, followed by the Industrial sector which grew by +0.21%. The Consumer goods sector grew by +0.03%, while the Insurance sector was down by -0.21%. The Oil and gas sector closed flat.
Overall, the equities market jumped higher by ₦70.14 billion, representing a growth of +0.18%, to close at ₦39.22 trillion from ₦39.15 trillion last Friday. Equities Market Rises by N70bn as BUA, MTNN Rally Naira Devaluation Deepens Economic Crisis in Nigeria
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