NGX Market Cap Gains N213 Billion as BUA Cement Leads Price Rally

The Nigerian Exchange Limited (NGX) market capitalisation on Tuesday recorded a significant gain of N213 billion to start a new week on a positive note, as investors increased their demand for BUA Cement Plc and 23 other stocks. The NGX data revealed this on Tuesday.

The bullish trend was influenced by BUA Cement’s recent announcement of reducing its cement price to N3,500 per bag, which boosted its share price by 9.94 per cent to close at N94.00 per share.

This was followed by Beta Glass and FTN Cocoa Processors, which both appreciated by 9.93 per cent each to close at N66.95 and N1.66 per share, respectively.

As a result, the NGX All-Share Index (ASI) rose by 388.83 basis points or 0.59 per cent to close at 66,770.97 basis points.

Also, market capitalisation increased by N213 billion to close at N36.544 trillion. The Year-to-Date return settled at 30.3 per cent.

However, market breadth was negative, as 27 stocks declined relative to 24 gainers. The top losers were Consolidated Hallmark Insurance, Sovereign Trust Insurance and Mutual Benefits Assurance, which dropped by 10 per cent each to close at N0.63, N0.27 and N0.36 per share, respectively.

The total volume of trades increased by 6.4 per cent to 1.04 billion units, valued at N8.47 billion and exchanged in 4,714 deals.

Transactions in the shares of FBN Holdings topped the activity chart with 137.86 million shares valued at N1.02 billion. Zenith Bank followed with 112.72 million shares worth N2.69 billion, while United Bank for Africa traded 110.18 million shares valued at N827.76 million.

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