Nigerian Stocks Climb After Record Trade Volume Boosted By Bua Foods

The food company marked its arrival with a 10 per cent jump in share price to N44 after listing 18 billion units of its common stock by introduction.

Nigerian stocks went 1 per cent higher on Wednesday as the quantity of shares traded surged to its summit in at least one year, helped by huge transactions in the shares of newly admitted BUA Foods, which contributed 81.2 per cent of the volume.

The food company marked its arrival with a 10 per cent jump in share price to N44 after listing 18 billion units of its common stock by introduction.

Airtel Africa, BUA Foods and NGX Group led the charge, with the NGX Oil and Gas Index providing the most support at sector level, rising 3.12 per cent.

Market breadth, an indicator of investors' sentiment towards trade, closed was positive as 22 advancers emerged, relative to 17 gainers.

The all-share index lifted by 429.97 basis points to 43,476.75, while market capitalisation jumped to N22.64 trillion.

Year to date, the index is up by 1.78 per cent.

TOP FIVE GAINERS

Airtel Africa led gainers, appreciating by 10 per cent to close at N1,050.50. BUA Cement grew by 10 per cent to end trade at N4.40. Oando went up by 9.73 per cent to N4.85.

AIICO rose to N0.78, notching up 8.33 per cent in the process. Ardova climbed up by 7.69 per cent to N12.60.

TOP FIVE LOSERS

Unity Bank topped the losers' chart declining by 9.62 per cent to close at N0.47. Royal Exchange shed 9.41 per cent to end trade at N0.77. Regal Insurance fell to N0.45, losing 8.16 per cent in the process.

Union Bank dipped to N5.40, recording 6.90 per cent depreciation. Mutual Benefits closed at N0.30, going down by 6.25 per cent.

TOP FIVE TRADES

Altogether, 1.2 billion shares estimated at N43 billion were traded in 4,032 deals.

BUA Group was the most active stock, trading 1 billion shares worth N40.5 billion traded in 74 deals. Wema Bank shares of 25 million units priced at N19 million exchanged hands in 142 transactions.

Transcorp had 25 million shares valued at N25 million traded in 108 deals. NGX Group traded 14.5 million shares estimated at N285.7 million in 100 transactions. Sovereign Trust traded 11.1 million shares valued at N2.9 million in 16 deals.

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