Stock market maintains growth trajectory amid gain in Buafoods, FBN Holdings, 32 others 

By Philemon Adedeji

Opening the week yesterday, the Nigerian equities market maintained growth trajectory primarily driven by gains in industrial heavyweight BUAFOODS (+9.09 per cent) alongside FBN Holdings (+0.30 per cent) and United Bank for Africa (UBA) (+0.36 per cent) offsetting selloffs in GTCO (-0.28 per cent), ACCESS CORPORATION (-3.32 per cent) and Nigerian Breweries (NB) (-2.11 per cent).

Absolutely, the NGX All-Share Index (ASI) inched weight by  593.02 basis points to represent 0.90 per cent stronger to close at 66,151.93 basis points from 65,558.921 basis points it closed for previous trading day.

As a result, the year-to-date (YTD) return rose to 29.07 per cent, while the market capitalisation gained N324.26 billion to close at N36.21 trillion.

The market upturn performance was impacted by price appreciation in medium and large capitalised stocks which includes Buafoods, FBN Holdings, Dangote Sugar, Omatek Venture among others

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.52 per cent.

The trade volume increased to  311.12 million shares valued at N3.92 billion were exchanged in 7,193 deals.

Access Corporation (-3.32 per cent) led the volume chart and value charts with 43.70m units traded in deals worth N703.33 million

As measured by market breadth the market sentiment was positive as 34 stocks gained relative to 24 that lost

On the gainers chart, Dangote Sugar, Omatek Venture, Thomaswy, Transnational Corporation, emerged as the highest price gainer with 10.00 per cent each increased to close at N52.25, N0.33, N1.87, N6.38 per share respectively.

SFS Real Estate Investment rose by 9.96 per cent to close at N92.15 per share.

On the price losers chart, Computer Warehouse Group led the losers with 10.00 per cent to close at N4.50 per share, closely followed by Johnholt with shed 9.80 per cent to close at N1.38 per share, while Nem Insurance suffered 9.54 per cent to close at N5.12 per share.

NSLtech which recorded as the last fourth losers went down by 9.09 per cent to close at N0.30 per share.

Cutix which came as last fifth loser dipped by 8.33 per cent to close at N2.20 per share.

Transaction in the shares of Access Corporation topped the activities chart with 43.702 million shares valued at N703.328 million, closely followed by Transnational Corporation which transacted 28.497 million shares value at N181.730 million, while Dangote Sugar traded 16.029 million shares worth N820.840 million

Consolidated Hallmark Insurance traded  volume of 15.566 million shares worth N13.471 million. Omatek Venture transacted 15.514 million share valued at N4.659 million.

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