BUA Cement, other stocks push market to new highs

Nigeria’s equities market strengthened further on Tuesday June 9 as investors chose to take further position in attractive counters like BUA Cement Plc, BOC Gas Plc and Dangote Sugar Refinery Plc.

In the absence of any external shocks, market watchers expect Nigerian equities to strengthen further, though the possibility of profit taking cannot be ignored.

The local bourse had earlier this week reacted positively to the optimism around the crude Oil market as well as improving global indicators.

Brent crude was down 52 cents, or 1.3percent, at $40.28 a barrel by 1340 GMT on Tuesday. West Texas Intermediate (WTI) crude fell 27 cents, or 0.7percent, to $37.92.

Increased bargains on the Bourse put additional gain of N45billion in investors pockets as evidenced in the value of listed stocks which increased from N13.171trillion the preceding trading day to N13.216trillion.

The NSE ASI rose by +0.34percent from 25,249.90 points recorded the preceding day to 25,335.15 points on Tuesday. In 4,137 deals, stock traders exchanged 268,740,447 units valued at N1.12billion.

The stock market’s negative return year-to-date (YtD) stood lower at to -5.61 percent.
BUA Cement Plc increased from N41.5 to N43.2, after adding N1.7 or 4.10 percent. BOC Gas Plc rose from N4.1 to N4.51, up by 41kobo or 10 percent while Dangote Sugar Refinery Plc rose from N14.55 to N14.95, adding 40kobo or 2.75percent.