Demands in BUA Cement, Zenith Bank, GTCO pushes NGX ASI higher by 0.33%

Equities trading at the Nigerian Exchange Limited recovered from the previous session’s loss on Tuesday, as the benchmark index rose by 0.33 per cent to close at 70,840.72 basis points.

Basically, renewed demand for index heavyweight BUA Cement, alongside Zenith Bank and Guaranty Trust Holding Company (GTCO), contributed to keeping the market in the green as these companies’ share prices appreciated by 3.34 per cent, 2.60 per cent, and 0.83 per cent, respectively.

Accordingly, the month-to-date and year-to-date returns increased to +2.3 per cent and +38.2 per cent, respectively.

Equities investors therefore earned N145.51 billion cumulatively as the market capitalization settled at N38.94 trillion at the end of the day’s trading activities.

As measured by market breadth, market sentiment was positive, as 35 tickers gained relative to 16 losers. On the performance board, Northern Nigeria Flour Mills and Mecure Industries topped the gainers’ list, having appreciated in share value by 10.0 per cent, respectively, while Redstar Express and FTN Cocoa Processors recorded the highest losses of the day after their respective share prices dipped by 9.8 per cent and 9.3 per cent, respectively.

Analysing by sector, the Industrial Goods, Banking, and Insurance indices recorded gains as the indices appreciated by 1.4 per cent, 0.7 per cent, and 0.2 per cent, respectively, while the Oil & Gas and Consumer

Goods indices printed losses after depreciating by 0.9 per cent and 0.1 per cent, respectively.

Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 56.54 per cent. A total of 327.43 million shares valued at N3.37 billion were exchanged in 6,533 deals.

Japaul Gold led the volume chart with 44.70 million units traded, while United Bank for Africa led the value chart with deals worth N555.02 million.

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