BusinessDay

Early year rally puts Nigeria stock market on positive path

...as BUA Foods listing adds N720bn to market capitalisation

Nigeria stock market furthered its gain on Wednesday by 1.05percent as investors continued to position in counters amid cheap valuations.

Ahead of full-year dividend payout, the rally on Wednesday was driven mostly by investors who bought shares of Airtel Africa Plc, BUA Foods Plc, Oando Plc and Ardova Plc.

The Nigerian Exchange Limited listed 18billion shares of BUA Foods by introduction.
The listing by introduction of BUA Foods Plc on the Main Board of The Exchange on Wednesday has added N720billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

It is expected that the listing will also increase the visibility of the food manufacturing, processing, and distribution company, BUA Foods, to investors on the African continent and across the globe.

Read also: NGX resumes year upbeat as ASI up by 0.73%

A total of 18 billion ordinary shares of BUA Foods were listed at N40 per share under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS.

Airtel Africa stock price moved up most from N955 to N1050.50, up by 10 percent, followed by
BUA Foods Plc which moved from N40 to N44, up by 10percent. Oando Plc rose from N4.42 to N4.85, up by 9.7 percent, while Ardova Plc rose from N 11.70 to N12.60, up by 7.7 percent.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) moved to new high at the close of trading session on Wednesday, reaching 43,476.75 points from preceding day low of 43,026.23 points.

The market’s positive return year-to-date (YtD) stood higher at +1.05 percent.

NGX facilitated over N7trillion worth of capital raises across several asset classes for both public and private corporations in 2021. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.

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