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NGX rebounds by N95bn on BUA Cement, FBNH price rally

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The nation’s bourse rebounded by N95 billion on Tuesday following investors’ interest in BUA Cement and FBN Holdings (FBNH).

Consequently, the market capitalisation rose by N95 billion or 0.45 per cent to close at N21.310 trillion compared with N21.215 trillion posted on Monday.

Also, the All-Share Index grew by 182.96 points or 0.45 per cent to close at 40,896.96 from 40,714.00 achieved on Monday.

Accordingly, the month-to-date and year-to-date gains increased to 1.7 per cent and 1.6 per cent, respectively.

The upturn was majorly a result of investors’ increased buy-interest in all major sectors except the oil and gas sector.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, FBN Holdings (FBNH), Ecobank Transnational Incorporated (ETI), Stanbic IBTC Holding and Africa Prudential.

The market breadth closed positive with 26 gainers and 13 losers.

Champion Breweries drove the gainers’ chart in percentage terms with 10 per cent to close at N2.53 per share.

Cornerstone Insurance followed with 9.80 per cent to close at 56k, while FBNH appreciated by 9.79 per cent to close at N10.65 per share.

Sovereign Trust Insurance rose by 9.09 per cent to close at 24k, while LivingTrust Mortgage Bank appreciated by 8.96 per cent to close at 73k per share.

On the other hand, Consolidated Hallmark Insurance led the laggards’ chart in percentage terms by 6.78 per cent to close at 55k per share.

Japaul Gold and Ventures followed with 6.25 per cent to close at 45k, while NEM Insurance declined by 3.81 per cent to close at N2.02 per share.

Ikeja Hotel shed 3.51 per cent to close at N1.10, while Oando depreciated by 3.46 per cent to close at N5.02 per share.

Also, the total volume traded rose by 194.75 per cent to 563.88 million shares worth N5.09 billion in 4,253 deals.

This was against a turnover of 191.31 million shares valued at N2.29 billion exchanged in 4,395 deals on Monday.

Transactions in the shares of FBNH topped the activity chart with 317.28 million shares worth N3.29 billion.

Champion Breweries followed with 49.92 million shares worth N126.29 million, while ETI traded 38.05 million shares valued at N269.21 million.

United Bank for Africa traded 22.54 million shares valued at N181.40 million, while Fidelity Bank transacted 16.56 million shares worth N43.35 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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