Today, buying interest in bellwether stocks – DANGCEM (+4.0%), BUAFOODS (+10.0%), and UBA (+3.1%) buoyed market performance as the NGX ASI rose 0.1% to 43,897.13 points. BUA Foods Plc, the newest member on the NGX Main Board surpassed the N1trillion market value in the early hours of trading activities after the share gained over 9% in just 2 hours of trading. The company’s share price moved from N53.20 the previous trading day, to N58.50 representing a growth of 9.96% . The rally in the share price of the consumer goods company takes BUA Foods Plc market value to N1.05 trillion
BUA Foods Plc was admitted on The Exchange on the 5th of January, 2022 and 18,000,000 units of shares were listed at N40.00 per share. From the time of listing, the FMCG has experienced huge buy-interests, hence, share price has appreciated by a total of 46.25% in three trading days. The company has now joined the SWOOTs group, that is, Stocks Worth Over One Trillion on the Nigerian Exchange Limited. Stocks included in the classification are, Nestle Plc, Airtel Africa Plc, BUA Cement Plc, Dangote Cement Plc, MTN Nigeria Plc and BUA Foods Plc.Consequently, YTD return improved to 2.8% while market capitalisation rose ₦23.0bn to ₦23.7tn. Trading activity worsened as volume and value traded fell 21.3% and 30.3% respectively to 310.9m units and ₦8.6bn. BUAFOODS (101.4m units), TRANSCORP (51.2m units), and ZENITH (12.1m units) led by volume while BUAFOODS (₦5.9bn), DANGCEM (₦688.0m), and MTNN (₦329.8m) led by value.
Across our sector coverage, performance was bearish as 4 out of 6 indices lost. On the laggards’ list, the AFR-ICT and Oil & Gas indices slid 2.9% and 0.9% respectively on sell-offs in MTNN (-2.9%), OANDO (-3.0%), and ARDOVA (-2.9%). In the same vein, the Banking and Consumer Goods indices shed 0.1% apiece, driven by price decline in UBN (-6.9%), ZENITH (-0.2%), and FLOURMILL (-3.1%). However, the Insurance and Industrial Goods indices gained 2.8% and 1.7% respectively following price uptick in AIICO (+7.8%), MANSARD (+3.0%), DANGCEM (+4.0%), and WAPCO (+1.0%). Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 1.5x from 1.8x as 28 stocks gained while 19 stocks lost. BUAFOODS (+10.0%), MRS (+9.7%), and PZ (+8.5%) led gainers while NNFM (-9.7%), UBN (-6.9%), and REDSTAREX (-6.4%) led decliners. Tomorrow, we anticipate an extended bullish run as more investors position ahead of FY:2021 corporate earnings releases.
Market Statistics for Monday, 10th January 2022
|Market Cap (N’bn)||23,651.0|
|Market Cap (US$’bn)||57.5|
|NGX All-Share Index||43,897.13|
|Daily Performance %||0.1|
|WTD Performance %||0.1|
|MTD Performance %||2.8|
|QTD Performance %||2.8|
|YTD Performance %||2.8|
|Daily Volume (Million)||310.9|
|Daily Value (N’bn)||8.6|
|Daily Value (US$’m)||21.0|