BOC Gases Nigeria Plc has said that TY Holdings Limited from BOC Holdings UK has acquired 60% of the company’s ordinary shares. The transaction elevated TY Holdings Limited to the largest shareholder in BOC Gases Nigeria Plc with an increase from 12% to 72% ownership stake. Meanwhile sell-offs on ACCESS (-1.1%), GTCO (-0.9%), and FBNH (-0.7%) drove the local bourse southward, as the All-Share index (ASI) fell by 1bps to 39,545.67 points. Consequently, YTD loss remained the same at -1.8% while market capitalisation fell by ₦2.4bn to ₦20.6tn. Nevertheless, the NGXASI remains undervalued at 12.9x P/E ratio compared to Frontier markets average of 15.8x.
Trading activity was mixed as volume traded increased by 19.2% to 132.1m units while value traded declined by 13.3% to ₦2.7bn. The most traded stocks by volume were TRANSCORP (14.1m units), CHAMS (14.1m units), and ZENITH (8.5m units) while NESTLE (₦1.2bn), AIRTELAF (₦278.4m), and ZENITH (₦206.2m) led by value.
Across sectors under our coverage, performance was bullish as 4 indices gained, 1 index lost while the AFR-ICT index remained flat. Topping the gainers are the Consumer Goods and Banking indices, up 12bps and 8bps respectively on the back of price appreciation in HONYFLOUR (+9.7%), GUINNESS (+1.0%), UBA (+1.3%), and UBN (+1.0%). Likewise, the Oil & Gas and Industrial Goods indices rose by 4bps apiece due to buying interest in OANDO (+0.2%) and WAPCO (+0.7%). On the other hand, the Insurance index was the lone loser, down 0.9% driven by sell pressure on PRESTIGE (-8.3%) and WAPIC (-4.0%). Investors sentiment, as measured by market breadth (advance/decline ratio), strengthened, settling at 1.1x from 0.9x recorded in the last trading session as 18 stocks advanced while 17 stocks declined. PHARMDEKO (+10.0%), BOCGAS (+9.8%), and HONYFLOUR (+9.7%) led the gainers while SCOA (-9.7%), PRESTIGE (-8.3%), and REGALINS (-7.0%) led the losers.
Market Statistics for Wednesday, 18th August 2021
| Market Cap (N’bn) | 20,603.9 |
| Market Cap (US$’bn) | 50.1 |
| NSE All-Share Index | 39,545.67 |
| Daily Performance % | 0.0 |
| WTD Performance % | 0.1 |
| MTD Performance % | 2.6 |
| QTD Performance % | 4.3 |
| YTD Performance % | (1.8) |
| Daily Volume (Million) | 132.1 |
| Daily Value (N’bn) | 2.7 |
| Daily Value (US$’m) | 6.5 |
Source: Afrinvest
