Investors’ interest in stocks like BUA Cement, FBN Holdings, and other top advancers pushed the market to a positive close.

BUA Cement rose from N142.95 to N150, up by N7.05 or 4.934.93 percent, while FBN Holdings went up from N26.10 to N28.70, adding N2.60 or 9.96 percent.

Meanwhile, Okomu Oil Palm led the league of decliners after its share price dropped from a high of N270 to N243, losing N27 or 10 percent.

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 the preceding day’s lows of 101,060.67 points and N55.298 trillion.

In terms of trade on the floor of the NGX, overall trade value a negative movement is witnessed, with a decline of 1.2%. This amounted to N6.55 billion.

On the other hand, the overall trade volume trended positively, increasing by 18.18% to reach 302.74 million units traded through  8,6111 deals.

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

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.

The equity market lost N849bn underpinned on a 10 percent dip in BUA Cement, Sterling Financial Holding Company (-9.85 percent), Consolidated Hallmark Holdings (-10 percent), real estate firm, UPDC and The Initiates (-9.79 percent each).

This indicates an NGX  bearish run, declining by 1.5% to close at 102,108.05 points, down by 1,551.76 points from yesterday’s 103,659.81 points.

The market breadth was negative as only 14 stocks recorded gains while 46 stocks recorded losses, even as BUA Cement was the biggest loser during the day with a 10% loss.

Similar to the ASI, there was an N850 billion decline in equities as the market capitalization declined to N55.87 trillion, from yesterday’s N56.72 trillion.

In terms of trading volume, there was a 41.2% decline in trading volume to 494.19 million units, from yesterday’s 841.55 million units. Concerning trading value, there was a 61% decline to N7.6 billion from yesterday’s N19.33 billion.

JAIZ Bank led the charts in terms of volume of trade with 90,78 million units worth N226.98m  traded in 433 deals, followed by Universal Insurance with 40.40 million units valued at N16.64m exchanged in 186 trades.

While Meyer  Plc, Daar Communications, industrial goods company, Cap Plc, gained 9.94 per cent, 9.09 per cent and 4.58 per cent to close at N5.20, N0.84 and N25.10 per unit, and Guaranty Trust Holding Company Plc,  FBN Holdings had 32.95 million and 27.54 million units of their stocks valued at N1.32bn and N27.54m traded in 418 and 385 deals.

In the past few weeks, analysts had projected a pull-back in the capital market following the bullish rally in the market.

Market Indices

NGX All-Share Index: 102,108.05 points

% Day Change: -1.50%

Day’s Lowest: 102,033.20 points

Day’s Highest: 103,784.49 points

% YTD: +36.56%

Market Cap: N55.87 trillion

Volume Traded: 491.19 million units

Value Traded: N7.6 billion

Top Gainers

CADBURY: +10.00% to close at N24.20

JULI: +10.00% to close at N0.77

MEYER: +9.94% to close at N5.20

DAARCOMM: +9.09% to close at N0.84

CAP: +4.58% to close at N25.10

FIDELITYBK: +3.45% to close at N12.00

Top Losers

BUACEMENT: -10.00% to close at N166.50

CONHALLPLC: -10.00% to close at N1.53

STERLINGNG: -9.85% to close at N5.86

TIP: -9.79% to close at N2.12

UPDC: -9.79% to close at N1.75

JAPAULGOLD: -9.77% to close at N2.77

Top Traded Stocks

In terms of trading volume, JAIZBANK (-2.62%) led with 90.78 million units, followed by UNIVINSURE (-7.14%) with 40.40 million units, JAPAULGOLD (-9.77%) with 33.61 million units, GTCO (-1.48%) with 32.95 million units, and FBNH (-2.31%) with 27.54 million units.

Concerning value, GTCO (-1.48%) led with N1.32 billion, followed by FBNH (-2.31%) with N702.46 million, MTNN (+0.36%) with N665.30 million, UBA (-5.70%) with N552.55 million, and ZENITHBANK (-3.10%) with N540.74 million.

This is as the Nigerian Exchange Group (NGX) achieved a new record of 100,000 marked sustained bargain hunting in Dangote Cement Plc propelled the all-share index (ASI) to rise by three percent.

ASI rose by 2,954.14 points, representing a gain of three percent, to close at 101,571.11 points.

Similarly, the overall market capitalization value gained N1.617 trillion to close at N55.584 trillion.

Year-to-date, the domestic market has returned 35.84 percent surpassing inflationary levels in the country and outperforming other indices in the African, European, and Middle Eastern markets as tracked by Bloomberg.

The total value of stocks traded by investors was N8.04 trillion, a 51 percent drop from the value traded in the previous day.

Analysts have envisioned another positive market breadth today, while sector performance remains mixed.” Investor sentiment, as measured by market breadth, closed positive as 35 stocks gained, while 32 lost.

Wapic Insurance recorded the highest price gain of 10 per cent to close at 88 kobo, per share. BUA Cement followed with a gain of 9.98 percent to close at N179.65, while Japaul Gold & Ventures rose by 9.91 percent to close at N2.55 kobo.

However, University Press appreciated by 9.82 percent to close at N3.69 kobo, while Tripple Gee & Company rose by 9.69 percent to close at N2.83 kobo.

On the other hand, NEM Insurance led the losers’ chart by 10 percent to close at N7.20 kobo.

Cadbury Nigeria followed with a decline of 9.96 percent to close at N23.50 kobo, while The Initiates Plc (TIP) declined by 9.92 percent to close at N2.27 kobo.

Also on the NGX, May & Baker Nigeria shed 9.89 percent to close at N6.65 kobo, while McNichols lost 9.88 percent to close at N1.46 kobo.

However, the total volume of trade decreased by 34.65 per cent to 488.491 million units, valued at N8.037 billion, and exchanged in 12,080 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 95.109 million shares valued at N1.588 billion.

Universal Insurance followed with 45.629 million shares worth N18.601 million, while Unity Bank traded 27.343 million shares valued at N74.12 million.

Jaiz Bank traded 26.962 million shares valued at N76.917 million, while Japaul Gold & Ventures transacted 25.324 million shares worth N64.312 million, according to the NGX.

This reflects a 2.97% increase, equivalent to a gain of 2,848.85 points from yesterday’s (Monday) closing of 95,768.12 points.

The major movers in the market were BUA Cement, and Seplat Energy gained 10%, while   Dangote Cement, maintained its bullish run, gaining 9.99%.

The rally on the local equity market entered its ninth day,  bumping the market capitalization of the Nigerian Exchange to about N53.97tn.  At the end of trading, investors enjoyed a N1.56tn gain.

In terms of trading volume, there was a marginal appreciation of 3.56% to 747.51 million units, from yesterday’s 721.81 million units. TRANSCORP came top with an exchange of 77.71 million units, followed by STERLINGNG and UBA, which traded 72.31 million units and 52.69 million units, respectively.

Concerning value, there was a 12.95% appreciation to N16.28 billion, from yesterday’s N14.41 billion.   DANGCEM took the lead, reaching NGN 3.11 billion, closely followed by UBA and ACCESSCORP, recording NGN 1.58 billion and NGN 1.35 billion, respectively.

However, the Industrial, Oil & Gas, Consumer, and I.T/Communication sectors finished positively, gaining 8.29%, 7.71%, 2.29%, and 0.58%, respectively. On the other hand, the Insurance and Banking sectors experienced declines of -4.33% and – 3.26%, respectively.

Market Indices:

NGX All-Share Index: 98,616.97 points

% Day Change: +2.97%

Day’s Lowest: 95,732.95 points

Day’s Highest: 98,947.31 points

% YTD: +31.89%

Market Cap: N53.97 trillion

Volume Traded: 747.51 million units

Value Traded: N16.28 billion

Top Gainers 

SEPLAT: +10.00% to close at N2795.10

BUACEMENT: +10.00% to close at N163.35

DANGCEM: +9.99% to close at N651.80

ETERNA: +9.92% to close at N27.70

MEYER: +9.88% to close at N3.56

TRIPPLEG: +9.79% to close at N2.58

Top Losers

PZ: -10.00% to close at N31.50

MAYBAKER: -10.00% to close at N7.38

JOHNHOLT: -10.00% to close at N2.70

TIP: -10.00% to close at N2.52

DEAPCAP: -10.00% to close at N0.81

MBENEFIT: -10.00% to close at N0.72

Top Traded Stocks

In terms of volume, TRANSCORP (-9.99%) led with 77.71 million units, followed by STERLINGNG (-2.58%) with 72.31 million units, UBA (-3.07%) with 52.70 million units, ACCESSCORP (-1.54%) with 47.17 million units, and ZENITHBANK (-4.43%) with 32.03 million units.

The news of the investment by Femi Otedola has spurred heightened interest among investors, resulting in a surge in both Dangote Cement and its competitor, BUA Cement.

Following the announcement of Femi Otedola’s foray into Dangote Cement, the company witnessed a surge in share prices, experiencing a significant increase of 9.98% on January 19, 2024. The closing price stood at N538.8, pointing to the impact of Otedola’s strategic investment.

Market data indicates a strong demand for Dangote shares coupled with minimal selling activity, highlighting the bullish sentiment surrounding the stock. This surge is part of a broader positive trend, as Dangote Cement had already gained 8.27% on January 18. The year-to-date return for the company now stands at 68.9%, making it the top-performing SWOOT stock on the NGX.

Furthermore, the market capitalization of Dangote Cement has seen a commendable increase, climbing to N9.18 trillion. This represents a capital gain of N3.215 trillion in just one week, solidifying Dangote Cement’s position as a standout performer in the market.

Interestingly, the move by Femi Otedola appears to have had a ripple effect on Dangote Cement’s competitor, BUA Cement. BUA Cement’s shares experienced a 10% gain on January 19, closing at N148.5. This positive momentum adds to a weekly gain of 45.8% and a year-to-date appreciation of 53.1%, making BUA Cement one of the best-performing stocks on the NGX.

The increased market cap for BUA Cement is noteworthy, rising from N3.45 trillion to N5.03 trillion in the span of a week. This surge signifies a capital gain of N1.58 trillion, further establishing BUA Cement as a strong contender in the market.

The primary objective of this substantial investment is to bolster the company’s cement production capabilities.

In a joint statement released on Tuesday, both the IFC and BUA expressed their enthusiasm about the funding, emphasizing its role in partially financing the development of two advanced and energy-efficient cement production lines at the Sokoto state plant located in northwest Nigeria.

The financing structure consists of $160.5 million from the IFC, $245 million in syndicated loans provided by the African Development Bank, Africa Finance Corporation, and the German Investment Corporation, and an additional $94.5 million from institutional investors.

According to the IFC and BUA, the newly established cement production lines will operate partially on alternative fuels derived from waste and solar power.

Once fully operational, each line is expected to have an annual cement production capacity of approximately three million tons. This increased capacity will facilitate the supply of cement to markets in Nigeria, Niger, and Burkina Faso.

Currently holding the position of Nigeria’s second-largest cement producer, BUA Cement has an existing capacity of 11 million tonnes. With the injection of this new investment, the company’s total capacity will rise by an additional six million tonnes.

Moreover, the funding package includes provisions for BUA Cement to replace a portion of its diesel trucks with vehicles powered by natural gas, thus contributing to the reduction of pollution, as highlighted in the joint statement.

Abdulsamad Rabiu, the prominent Nigerian billionaire and majority owner of BUA Cement, boasts a present net worth of $8.24 billion, as reported by the Bloomberg Billionaires Index