The Nigerian Exchange Limited (NGX) closed on a positive note yesterday, as renewed buying interest in BUA Foods Plc and 27 other stocks lifted the market capitalization by N962.3 billion.
At the close of trading, the total market capitalization rose to N96.134 trillion, up from N95.172 trillion at the previous session. Similarly, the NGX All-Share Index (ASI) gained 1,516.10 points, or 1.01 per cent, to settle at 151,456.91 basis points, compared to 149,940.81 points on Monday. Consequently, the Month-to-Date (MtD) and Year-to-Date (YtD) returns strengthened to +6.1 per cent and +47.2 per cent, respectively.
Market data revealed that BUA Foods Plc appreciated by 6.54 per cent, or N42.50, to close at N692.50 per share, bringing its market capitalization to N12.5 trillion—making it the first listed company to surpass the N12 trillion milestone.
Sector Performance
Performance across sectors was broadly positive. The NGX Consumer Goods Index led with a +3.5 per cent gain, followed by the Oil & Gas Index (+2.0 per cent), Insurance Index (+0.4 per cent), Banking Index (+0.2 per cent), and Industrial Goods Index (+0.2 per cent).
Despite the overall uptrend, market breadth closed negative, with 28 gainers and 30 losers recorded.
SCOA Nigeria Plc topped the gainers’ chart with a 7.74 per cent rise to N7.10 per share, followed by Omatek Ventures Plc, which gained 7.48 per cent to N1.58 per share. Consolidated Hallmark Insurance Plc advanced 6.70 per cent to N4.78 per share, while Vitafoam Nigeria Plc appreciated 5.92 per cent to N94.00 per share.
On the losers’ side, LivingTrust Mortgage Bank Plc led with a 9.91 per cent drop to N4.00 per share, trailed by Conoil Plc, which declined 5.83 per cent to N190.70 per share. Africa Prudential Plc fell 5.69 per cent to N14.10, while Sovereign Trust Insurance Plc and NPF Microfinance Bank Plc shed 3.95 per cent and 3.75 per cent, respectively.
Trading Activity
Market activity was upbeat, as total traded volume surged 34.96 per cent to 551.93 million units, valued at N20.54 billion, exchanged in 27,518 deals.
Fidelity Bank Plc led the activity chart with 59.12 million shares worth N1.18 billion, followed by VFD Group Plc with 39.31 million shares valued at N424.66 million. Japaul Gold & Ventures Plc traded 37.74 million shares worth N94.94 million, while Access Holdings Plc and Guaranty Trust Holding Company (GTCO) exchanged 37.36 million and 31.36 million shares, valued at N950.06 million and N2.92 billion, respectively.
Market Outlook
Analysts at Afrinvest Limited projected that the bullish trend will likely continue, supported by sustained bargain-hunting activities.
