More investors at the Nigerian Stock Exchange (NSE) on Wednesday May 20 renewed their buy decisions in favour of some mid/large cap stocks like Dangote Cement Plc, Zenith Bank Plc, BUA Cement Plc and GTBank Plc.
Investors bargain mood amid relatively less supply of these value stocks and others impacted positively on pricing with corresponding effect on value of listed stocks on the Bourse. Investors booked N130billion gain.
While investors continue to see value in Dangote Cement, and the banking counters, they also saw the need to make the list of those that will qualify for BUA Cement Plc’s proposed dividend of N1.75kobo for its full year ended December 31, 2019.
BUA Cement released its 2019 audited results for the period ended December 31, 2019.
Key highlights of the results show revenue grew by 47.5percent to N175.5billion from N119billion in 2018. Profit before tax grew by 69.1percent to N66.2billion. Profit after tax declined by 5.4percent to N60.6billion.
Net Assets grew by 17.8 percent to N363.7billion from N308.6billion in 2018.
The company’s proposed dividend of N1.75kobo is payable to shareholders on October 23.
Its share price rose to N32.40k on increased bargain.
As buying interest in a number of mid/large cap stocks continues to rise, it signposts a renewed interest at the equities space.
While the domestic market extended its winning streak, barring any external shock, analysts anticipate another bullish session on Thursday, though profit taking on some of the gains made recently cannot be overruled.
The share price of Dangote Cement Plc increased from N147.5 to N150, after adding N2.5 or 1.69percent. Zenith Bank also increased from N15.85 to N16.5, adding 65kobo or 4.10 percent.
BUA Cement rose from N31.8 to N32.4, adding 60kobo or 1.89 percent. While the value of GTBank stock increased from N23.3 to N23.85, up 55kobo or 2.36percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased further by 1.03percent at the close of trading session on Wednesday May 20.
The NSE ASI rose from 24,202.87 points recorded the preceding trading day to 24,452.23 points.
Likewise, the value of listed stocks increased from N12.613trillion to N12.743billion, up by N130billion.
The stock market’s year-to-date (YtD) negative returns moderated to -8.90percent.
In 5,195 deals, equity dealers exchanged 436,838,465 units valued at N5.410billion. Zenith Bank, Access Bank, Guinness Nigeria, UBA and GTBank were actively traded stocks on Wednesday.