The Nigerian Exchange Limited (NGX) rebounded from previous losses, marking a N166 billion gain driven by notable price surges in BUA Cement and 39 other listed stocks.
Closing yesterday’s transactions, the All-Share Index (ASI) surged by 303.34 points, representing a 0.43% rise to reach 71,250.17 points. Additionally, market capitalization increased by N166 billion, concluding at N38.989 trillion. This positive movement was primarily influenced by price increases in both large and medium capitalization stocks, particularly BUA Cement, Northern Nigeria Flour Mills (NNFM), FBN Holdings (FBNH), Access Holdings, and UAC of Nigeria (UACN).
Analysts at Vetiva Dealings and Brokerage predicted a mixed sectoral performance for the upcoming trading session, expecting banking stocks to dominate market activity.
Market sentiment was optimistic with 40 stocks recording gains against 16 losers. Secure Electronic Technology led the gainers’ chart with a 10% surge to close at 77 kobo per share. Multiverse Mining and Exploration followed closely, recording a 9.95% increase to close at N7.07 kobo, while SUNU Assurance climbed by 9.92% to close at N1.33 kobo.
On the flip side, Abbey Mortgage Bank led the decliners with a 9.88% decrease to close at N1.55 per share. FTN Cocoa Processors followed with a 9.09% decline to close at N1.50, and DAAR Communications shed 8.82% to close at 31 kobo. Wapic Insurance also experienced a loss of 7.14% to close at 65 kobo, while Veritas Kapital Assurance depreciated by 5.41% to close at 35 kobo.
Trading volume increased by 20.93% to 433.568 million units, valued at N11.114 billion, conducted across 7,016 deals. The shares of UACN led the activity with 61.711 million shares worth N947.412 million, followed by United Bank for Africa (UBA) trading 58.297 million shares valued at N1.241 billion. Guaranty Trust Holding Company (GTCO) also saw activity, trading 22.997 million shares worth N908.187 million.
