Investor Demand for BUA Cement and 22 Others Drives Stock Market Surge, Adding N213 Billion


The Nigerian Exchange Limited (NGX) market capitalisation on Tuesday gained N213 billion to start a new week on a positive note amid investors’ demand for BUA Cement Plc and 23 others.

NGX data disclosed this on Tuesday.

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The bullish move comes in response to BUA Cement’s recently announced reduction of its Cement Price to N3,500 per bag.

Consequently, the NGX All-Share Index (ASI) gained 388.83 basis points or 0.59 per cent to close at 66,770.97 basis points. Also, market capitalization rose by N213 billion to close at N36.544 trillion.

Read Also: Dueling Titans: Otudeko and Otedola Clash as First Bank Shareholders Witness N80.76bn Erosion with Share Decline in Stock Market

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Accordingly, the Year-to-Date return settled at 30.3 per cent.

The upturn was driven by price appreciation in large and medium-capitalised stocks: BUA Cement, Beta Glass, UAC of Nigeria (UACN), Oando and Guaranty Trust Holding Company (GTCO).

However, market breadth was negative, as 27 stocks lost relative to 24 gainers. BUA Cement emerged as the highest price gainer of 9.94 per cent to close at N94.00, while Beta Glass and FTN Cocoa Processors followed with a gain of 9.93 per cent each to close at N66.95 and N1.66, respectively, per share.

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