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Tribune Online
BUA listing pushes equities market to 2yrs high

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EQUITIES trading on the Nigerian Stock Exchange (NSE) last week received boost as it welcomed the listing of BUA Cement Plc’s shares on its main board signaling what might be a positive year to investors on the local bourse.

With the listing last Thursday, equities market posted 9.1 per cent per cent week-on-week gain, the largest weekly return for two-years to become the world’s best-performing stock market for the week.

The sentiments reflected on other stocks as investors rallied Dangote Cement (+21.1 per cent w/w) and Presco Plc shares which gained 21.1 per cent and 19.8 per cent respectively by the end of the week, thus the market Year-To-Date return for the market settled at 9.6 per cent.

Analysing by sectors, all sector indices closed positive, with the Industrial Goods (+22.6 per cent) index leading the pack, followed by the Banking (11.6 per cent), Insurance (+6.7 per cent), Oil & Gas (+5.4 per cent), and Consumer Goods (+1.6 per cent) indices.

A total turnover of 2.683 billion shares worth N32.646 billion in 30,956deals were traded by investors on the floor of the Exchange during the week under review, in contrast to a total of 2.309 billion shares value d at N21.675 billion that exchanged hands previously in 14,906 deals.

The  Financial  Services  industry , measured  by  volume, led  the  activity  chart  with 2.035 billion shares valued at N18.592 billion traded in 18,876 deals; thus contributing 75.87 per cent and 56.95 per cent to the total equity turnover volume and value respectively. The Conglomerates industry followed with 225.720 million shares worth N504.123 million in 1,217 deals.  The third place was Consumer Goods industry, with a turnover of 123.382 million shares worth N3.116 billion in 3,403 deals.

 Trading in the Top Three Equities namely, United Bank for Africa Plc, Zenith Bank Plc and Wapic Insurance Plc. (measured by volume) accounted for 934.661 million shares worth N10.925 billion in 7,194 deals, contributing 34.84 per cent and 33.46 per cent to the  total  equity  turnover volume  and  value respectively

Looking ahead, experts expect profit-takers to dominate activities in the coming week.  “We still see significant legroom for a further rally as the elevated maturities from fixed income instruments hunt for investment vehicles. Nonetheless, we advise investors to cherry-pick fundamentally sound stocks.”

BUA listing pushes equities market to 2yrs high
Tribune Online



source https://tribuneonlineng.com/bua-listing-pushes-equities-market-to-2yrs-high/

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