BUA Cement, Banking Stocks Lift NGX as All-Share Index Ends Four-Day Losing Streak
The Nigerian stock market returned to positive territory on Tuesday as gains in BUA Cement and several large-cap banking stocks helped the Nigerian All-Share Index break a four-session losing streak. The benchmark index advanced by 1,324.1 points to close at 251,635.4, representing a 0.53% increase from the previous session’s close of 250,204.8 points. The rebound reflects renewed investor confidence and sustained appetite for fundamentally strong stocks.
Market activity also strengthened significantly, with trading volume rising to 703.9 million shares from 528 million shares recorded in the previous trading session. Consequently, the total market capitalization of listed equities increased to N161.2 trillion, up from N160.36 trillion, while investors executed transactions across 64,539 deals. The positive performance pushed the market’s year-to-date return higher to 61.71%, underscoring the resilience of Nigerian equities despite recent market volatility.
Investor interest was concentrated in banking and industrial stocks. Access Holdings emerged as the most actively traded stock by volume, recording 88.4 million shares exchanged, while Zenith Bank led the value chart with transactions worth N3.9 billion. Other heavily traded counters included Linkage Assurance, Sterling Financial Holdings Company, Secure Electronic Technology, and Zenith Bank, highlighting continued participation in both financial and non-financial stocks.
On the gainers’ table, FTN Cocoa topped the chart after appreciating by 10% to close at N9.79 per share, followed closely by Zichis Agro-Allied, which gained 9.97%. Sky Aviation, Caverton Offshore Support Group, and Japaul Gold & Ventures also posted impressive gains. However, bearish sentiment persisted in some counters, with Unilever Nigeria leading the losers after shedding 10% of its value, while Trans-Nationwide Express, Sovereign Trust Insurance, McNichols Plc, and Austin Laz followed with notable declines.
Among Nigeria’s trillion-naira companies, BUA Cement stood out with a 5.75% gain, making it one of the strongest performers in the SWOOT category. Within the banking sector, investor sentiment remained largely positive as First HoldCo, United Bank for Africa, and Zenith Bank recorded gains of 3.77%, 2.74%, and 1.50%, respectively. Sectoral performance was mixed, with the NGX Industrial Goods Index rising 2.27% and the Banking Index gaining 0.98%, while the Insurance, Oil and Gas, and Consumer Goods indices closed lower. Analysts noted that a decisive break above the 252,400-point resistance level could signal a stronger bullish resurgence in the coming sessions.
source: nairametrics