Stock market gains N264bn, maintains positive trend

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The Nigerian equities market on Tuesday maintained its positive trend driven by bargain-hunting in BUA Foods Plc and 35 others lifting the overall market capitalization by N264billion.

The Nigerian Exchange Limited All-Share Index rose by 482.05 basis points or 0.71 per cent, to close at 68,359.22 basis points from 67,877.17 basis points when the market opened for trading.

Consequently, the overall market capitalization value gained N263 billion to close at N37.413 trillion from N37.149 trillion when the stock market opened for trading.

Analysing by sectors, the NGX Insurance depreciated by 0.4per cent, NGX Oil & Gas dropped by 0.2per cent, and NGX Banking Index was down by 0.1per cent, while the NGX Industrial Goods Index closed flat. The NGX Consumer Goods appreciated by 3.1 per cent, the sole gainer of the day.

Market breadth closed positive, as 36 stocks gained relative to 27 losers.

Ellah Lakes recorded the highest price gain of 10 per cent to close at N3.63, while Berger Paints followed with a gain of 9.95 per cent to close at N11.60, per share.

eTranzact International appreciated by 9.93 per cent to close at N8.08, while Chams Holding Company and Oando rose by 9.92 per cent each to close at N1.33 and N13.30 respectively, per share.

On the other hand, SCOA Nigeria and Secure Electronic Technology led the losers’ chart by 10 per cent each to close at N1.26 and 27 kobo respectively, while Multiverse Mining and Exploration followed with a decline of 9.93 per cent to close at N2.72, per share.

Cornerstone Insurance shed 8.76 per cent to close at N1.25, while DAAR Communications lost 8.70 per cent to close at 21 kobo, per share.

Also, the total volume of trade increased by 31.3 per cent to 676.74 million units, valued at N5.89 billion, and exchanged in 7,659 deals.

Transactions in the shares of Universal Insurance topped the activity chart with 235.152 million shares valued at N48.168 million.

United Bank for Africa (UBA) followed with 69.102 million shares worth N1.224 billion, while Transnational Corporation (Transcorp) traded 41.573 million shares valued at N274.178 million.

Fidelity Bank traded 34.639 million shares valued at N278.185 million, while Chams Holding Company transacted 29.959 million shares worth N39.791 million.

Meanwhile, President Bola Tinubu has assured global energy giant ExxonMobil of Nigeria’s readiness to collaborate with it in order to increase the firm’s participation in the country’s energy industry.

The President, who met with a delegation of firms in New York on Monday, said “Nigeria has never been more ready for business than it is now”.

This was disclosed in a statement by Special Adviser to the President on Media & Publicity, Ajuri Ngelale.

Speaking during the meeting, President Tinubu assured ExxonMobil that he possesses the capability to navigate challenges in Nigeria’s oil and gas industry.

“The knotty issues require direct supervision on my part. Despite many contending obligations, I will sit down and oversee the process of removing these encumbrances to job and wealth creation for the Nigerian people.

“We know the industry. We grew up in it. We are positioned to solve the problems, and we are pragmatic, and we will solve the problem,” he was quoted to have said.

Responding, ExxonMobil’s President of Global Upstream Operations, Liam Mallon, expressed awareness of President Tinubu’s dedicated commitment to Nigeria’s cause.

He pledged a substantial increase in production, committing to delivering nearly 40,000 barrels per day (bpd) as part of a new investment phase in Nigeria.

“What you told us was that your team would collaborate with us, and that has proven true. We have made significant progress since we last met.

“We are growing our production, and we are working hard on expanding the deep water production. We appreciate your efforts, and we will respond in kind. The time is right. Thank you for your leadership,” he said.