The bullish run that kicked off equities trading in the apex domestic bourse continued yesterday following overbuying pressure on shares of BUAFOOD (+10.00%) and FBNH (+1.77%). Thus, the all-share index grew by 0.30% from its’ previous session position of 43,476.75 basis points to close at 43,607.94 basis points.
Continuing with the previous year’s 52-week data, investors’ zeal in the equities trading of the Nigerian stock market succeeded in pushing the all share-index much closer to the 52-week highest resistance point of 43,730.55. Thus, the gap narrowed to only 122.61 bps.
Apparently, this positive closure represented not only a 0.30% gain but also a 131.19 bps growth from its’ previous session position.
Week-to-Date (W-t-D), Month-to-Date (M-t-D), and Year-to-Date (Y-t-D) gains were all +1.8%.
BUAFOOD, FBNH, ZENITH, and UBA were responsible for the upward trajectory experienced in the volume and value data of the equity market.
Despite the artificial increase occasioned by BUAFOOD’s (NGN40.5 billion) introduction into the Nigerian stock market, the total volume traded decreased by 14,450% to 174.6 million units, as against its previous session position of 1.2 billion units traded. These shares’ whose value also declined by 94.16%, were worth NGN2.1 billion and exchanged in 3,715 deals as against NGN43 billion traded previously.
As a consequence of yesterday's buying pressure, the equity market capitalization gained NGN70.69 billion to close at NGN23,497.20 trillion, as against the previous session position of NGN23,426.51 trillion.
Meanwhile, BUAFOODS' (+10.00%) blue carpet introduction appears to be the talk of the investing public, as it dominated the NGX equity market's value chart with NGN544.7 million generated in 11.2 million units traded, while FBNH dominated the volume chart with 27.1 million units traded worth NGN307.3 million.
You can read more about the benefits of the BUAFOOD NGX entry in the link attached.
Other notable mentions include ZENITH BANK, which traded 10.3 million units worth NGN260.6 million, and UBA, which traded 22 million units worth NGN177.5 million.
Finally, as measured by market breadth, market sentiment was positive, as 23 companies’ stocks gained relative to 13 losers.
The most gains were made by BUAFOOD (+10.00%), which closed trading at NGN48.40/unit, ACADEMY (+9.09%), which closed trading at NGN0.60/unit, MEYER (+8.70%), which closed trading at NGN0.50/unit, and REGALINS (+6.67%), which closed trading at NGN0.48/unit, while SUNUASSUR (-9.76%), which closed trading at NGN0.37/unit, NEM (-7.78%) closed trading at NGN4.15/unit, FTNCOCOA (-7.69%) closed trading at NGN0.36/unit, OANDO (-5.15%) closed trading at NGN4.60/unit, and UNILEVER (-3.45%), which closed trading at NGN14.00/unit, suffered the most losses.
|CHAMPION BREWERIES PLC||3.40||3.74||10.00|
|JOHN HOLT PLC||0.58||0.63||8.62|
|MAY & BAKER NIGERIA PLC||3.66||3.97||8.47|
|INTERNATIONAL BREWERIES PLC||5.70||6.00||5.26|
|FBN HOLDINGS PLC||10.10||10.55||4.46|