Cement News

BUA Cement, GTCO, 10 others nudge NGX ASI 0.39% higher

By Chinwendu Obienyi and Chukwuma Umeorah

Proceedings on the floor of the Nigerian Exchange Limited (NGX) resumed on a positive note as gains in BUA Cement, GTCO and 10 others drove the All Share Index (ASI) up 0.39 per cent to close at 49,189.32 points.

Specifically, aggregate market value of all quoted equities at the Nigerian Exchange (NGX) also mirrored the benchmark index rising from this week’s opening value of N26.444 trillion to close at N26.532 trillion, thus gaining N88 billion on Monday.

Consequently, the market’s year-to-date (YTD) grew to +15.22 per cent. Analysis of the market’s performance showed that the volume of stocks traded stood at 119.28 million while the value of stocks stood at N854.76 million which was exchanged in 3,580 deals.

Courtville was the most active stock, trading about 24.36 million shares valued at N109.61 million. FCMB traded 20.00 million shares worth N69.43 million while Zenith Bank sold 88.68 million shares worth N17.71 million.

At the close of trading yesterday, 17 stocks depreciated in value while 12 others appreciated. Academy topped the losers’ chart with 10 per cent to close at N1.53 per share, NEM was next with 8.91 per cent to close at N4.91, Neimeth dropped 8.33 per cent to close at N1.43, Champion Breweries lost 7.86 per cent to close at N3.40 while Chams fell by 7.41 per cent to close at 0.25 kobo.

On the flipside, Multiverse topped the gainers’ chart with 9.93 per cent to close at N3.10 per share, FCMB followed with 8.02 per cent to close at N3.50, Union Bank increased by 7.83 per cent to close at N6.20, Japaul Gold garnered 7.41 per cent to close at 0.29 kobo while NGX Group gained 5.88 per cent to close at N18.

Meanwhile, the NGX Group in its bid to reduce distortion of companies’ public information and market data, has urged investors to disclose their substantial interest in listed companies no later than 10 business days after such a transaction. 

According to the NGX, sudden announcements of their previously undisclosed interests breaches the exchange’s rules as well as other extant market laws.

The exchange in a statement noted that its attention has been drawn to this trend by investors adding that the disclosure obligations are provided under the exchange’s rules, the Companies and Allied Matters Act (CAMA), 2020 and the Consolidated Rules and Regulations of the Securities and Exchange Commission (SEC or the Commission), 2013.

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