• Sunday, April 21, 2024
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Stock market gains N165bn as investors buy BUA Cement, FBN Holdings, others

Equities market fails to sustain gain

Nigeria’s equities market which has been on the losing path since this week gained about N165billion on Wednesday as investors saw opportunity for re-entry in value stocks that are currently priced low.

Read also: Stock market gains over N160bn in early trade on Wednesday

Investors interest in stocks like BUA Cement, FBN Holdings, and other top advancers pushed the market to positive close. BUA Cement rose from N142.95 to N150, up by N7.05 or 4.93percent, while FBN Holdings went up from N26.10 to N28.70, adding N2.60 or 9.96percent.

Meanwhile, Okomu Oil Palm led the league of decliners after its share price dropped from a high of N270 to N243, losing N27 or 10percent. The market has risen this year by 35.56 percent, while this month it is up by 0.21 percent. Week-to-date (WtD), the market has dropped by 4.12 percent.

At the close of trading, the market was up by 0.30percent as its benchmark Index and equities value rose to 101,362.38 points and N 55.463 trillion from preceding day’s lows of 101,060.67 points and N55.298trillion.

The market defied market watchers expectation that the bearish trend seen since this week to continue.

“We anticipate another bearish trading session, as interest in the equity market remains weak largely on the back of rate increase in the fixed income space,” Lagos-based Vetiva analysts had said at the close of trading on Tuesday.

Read also: BUA Cement, PZ top laggards as stock market loses N730bn

In 8,611 deals, investors exchanged 302,739,517 shares valued at N6.552billion. FBN Holdings, Japaul Gold, Transcorp, Veritas and GTCO were actively traded stocks.