The Nigerian Exchange Limited (NGX) closed on a positive note yesterday, reversing previous losses, thanks to strong performances from prominent stocks such as BUA Foods and Eterna Plc. Investors saw their wealth rise by N505 billion as the market capitalization of listed equities increased by 0.75%, reaching N67.684 trillion, up from N67.179 trillion the previous day. The all-share index also experienced a boost, rising by 938.53 basis points to 108,609.51 points from 107,670.98 points.
The market upturn was largely driven by significant gains in medium and large-cap stocks, including BUA Foods, Eterna, African Prudential, Honeywell Flour Mills, NASCON, Sunu Assurance, and United Capital. Analysts at Vetiva Dealings and Brokerage anticipate continued bullish sentiment, suggesting the current market trend will persist unless unforeseen catalysts impact market dynamics.
Among the day’s top gainers, BUA Foods led the charge with a 10% increase, closing at N410.50. Other notable gainers included RT Briscoe, up 6.91%, and Eterna, which saw a 6.25% rise to N42.50. In contrast, UPL and International General Insurance topped the losers’ chart, both declining by 9.8%. Other decliners included Union Dicon, Mcnichols, and Daar Communications.
Sector performance showed positive trends across insurance, consumer goods, and oil and gas, while the banking sector experienced a slight dip of 0.61%. Trading volumes dropped by 15.9%, with 343.718 million shares valued at N8.631 billion exchanged in 12,970 deals. Access Corporation led the trading activity with 65.095 million shares worth N1.8 billion, followed by Fidelity Bank and Zenith Bank with substantial trading volumes.
SOURCE: THE GUARDIAN