Dangote, BUA Foods boost Nigerian Equities Up

 Dangote, BUA Foods boost Nigerian Equities Up

Dangote, BUA Foods boost Nigerian Equities Up.

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Positive sentiment continued to dominate the Nigerian equity market to start the week.

As of Monday’s close, the NGX All-Share index was up by 0.10%, closing at 43,897.13 index points. Consequently, the Year-to-Date return was 2.75 percent.

Gains were recorded in stocks with large and medium market capitalisation, including Dangote Cement, BUA Foods, MRS Oil, Vitafoam and PZ Cussons.

As investors continue to take positions ahead of the dividend season amid pockets of profit taking, a number of stock analysts expect the Nigerian bourse to maintain its bullish momentum this week.

It was inverse to the broad index as volume and value fell by 21.24% and 30.31% to 311.1 million units and N8.64 billion, respectively, in 5,060 deals.

By volume and value, BUA FOODS was the most traded stock at 101.3million shares and N5.92billion in 152 deals.

Market breadth measured positive sentiment, with 24 stocks advancing and 17 declining. The day’s top gainer was BUAFOODS (+9.96%), while the top loser was NNFM (-9.66%).

Performance across sectors was tepid as 2 indicators gained while 3 lost.

The Insurance and Industrial indices were up by 2.77%, and 1.71% due to gains in the shares of AIICO (+7.69%), NEM (+6.02%), BUAFOODS (+9.96%) and JBERGER (+1.15%).

On the flip side, the Oil & Gas, Banking and Consumer Goods indexes fell by -0.58, -0.12% and -0.05% due to price decline in the shares of OANDO (-2.95%), ARDOVA (-2.89%), UBN (-6.90%), and FLOURMILL (-3.10%).

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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