BUAFOODS Sustains Momentum, Drives NGX All-Share Index Higher by 1.37%…


In line with our expectations, the domestic bourse sustained its positive momentum in the second week of 2022 as BUAFOODS share price further rose by 24% to close at N66.00.

Similarly, shares prices of TRANSCORP,
by 16%, 15%, 14% and 10% respectively to lift the All-Share Index up w-o-w by 1.37% to close at 44,454.67 points.

Also, market capitalization rose w-o-w by 1.37% to close at N23.95 trillion.

Given the bullish sentiment, most sector gauges tracked closed in green.

Particularly, the NGX Oil/Gas, NGX Banking and the NGX Industrial indices rose by 1.74%, 0.75% and 3.56% respectively to close at 360.41 points, 412.30 points and 2,086.99 points respectively.

The announcement of Dangote’s Tranche II share buy-back programme also contributed to the rise in industrial index.

On the flip side, the NGX Consumer Goods index and the NGX Insurance indices lost 1.54% and 4.35% to close at 193.23 points and 558.72 points respectively.

Meanwhile, market activity was cold as volume and value of stocks traded plunged by 21.10% and 44.56%, to 1.60 billion units and N32.72 billion respectively. However, deals rose by 43.54% to 22,607 times as more of penny stock traded actively.

In the new week, we expect the equities market index to further rise as investors buy more shares, especially Dangote Cement Plc, as it rounds up the shares buy-back programme in the new week.