Equities Market Opens Week Bullish, Gains N213bn

Trading activities in the domestic equities market yesterday gained N213 billion to start this week on a positive note, supported by investors’ demand for BUA Cement and 23 others.

The All-Share Index (ASI) gained 388.83 points, representing a gain of 0.59 per cent to close at 66,770.97 points. Also, market capitalisation rose by N213 billion to close at N36.544 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Beta Glass, UAC of Nigeria (UACN), Oando and Guaranty Trust Holding Company (GTCO).

This week, United Capital Plc said: “we expect to see investors taking positions in anticipation of the Q3, 2023 earnings season. Investors will continue cherry-picking activities around fundamentally sound stocks with a preference to companies that have posted strong results in the first half of the year.”

However, market breadth was negative, as 27 stocks lost relative to 24 gainers. BUA Cement emerged the highest price gainer of 9.94 per cent to close at N94.00, while Beta Glass and FTN Cocoa Processors followed with a gain of 9.93 per cent each to close at N66.95 and N1.66 respectively, per share.

Oando rose by 9.55 per cent to close at N8.60, while UACN appreciated by 8.50 per cent to close at N10.85, per share. On the other side, Linkage Assurance led others on the losers’ chart with 10 per cent to close at 72 kobo, per share. CWG followed with a decline of 9.94 per cent to close at N7.79, while Red Star Express shed 9.86 per cent to close at N2.65, per share.

Tantalizer depreciated by 9.38 per cent to close at 29 kobo, while UPDC Real Estate Investment Trust dipped by 8.97 per cent to close at N3.55, per share.

The total volume traded increased by 24.4 per cent to 364.32 million units, valued at N3.85 billion, and exchanged in 7,537 deals.

Transactions in the shares of Consolidated Hallmark Insurance led the activity with 71.536 million shares worth N94.676 million. Fidelity Bank followed with an account of 33.222 million shares valued at N272.335 million, while Oando traded 26.190 million shares valued at N219.648 million.