Markets

BUA, Dangote Top Gainers As Nigerian Equity Market Gains N355bn In Opening Trade

In a promising start to the week, the Nigerian equity market witnessed gains, with investors celebrating a collective increase of N355 billion in market value. The market capitalization surged by 0.97%, reaching N36.865 trillion as the All-Share Index climbed to 67,101.33 basis points.

While the number of daily trading deals saw a positive uptick of 1.30% to 6,911 exchanges, there was a decline in trading volume and value, with drops of 28.18% and 61.23%, respectively, settling at 268.66 million units and N3.46 billion.

Analysts predict a week of mixed sentiments as investors engage in bargain-hunting and make strategic portfolio adjustments in anticipation of Q3 corporate earnings reports. Additionally, market participants are eagerly awaiting the outcome of the upcoming monetary policy meeting by the Central Bank of Nigeria, which could further influence market dynamics.

Topping the list of gainers on this auspicious Monday were BUA Cement, marking an impressive 10% gain and closing at N103.40 per share. Nigerian Breweries also contributed to the positivity, with its shares appreciating by 9.09% and closing at N42 per unit.

Dangote Sugar’s stock saw a healthy rise of 2.65%, closing at N58 per unit, while Oando gained 2.22% to close at N9.20. Transcorp rounded up the day’s trading with a 1.16% increase, closing at N6.10 per share.

However, the losers’ table saw some declines, with Prestige Assurance’s stock-taking the biggest hit, depreciating by 10% to close at N0.45. The NGX Group also faced a challenging day, shedding 4.04% of its share value to close at N22.55.

Unity Bank and Jaiz Bank both experienced losses of 3.03%, closing at N0.96 per unit and N1.60 per unit, respectively. Notably, Jaiz Bank recently submitted an application to the NGX for the approval and listing of a rights issue of 5,408,356,536 ordinary shares.

Emmanuel Ochayi