Stock market opens 2022 with N892bn capitalisation –

Stockbrokers endorse Lagos Commodities Exchange

By Chinwendu Obienyi

 

Despite depreciation of some stocks, trading activities on the floor of the Nigerian Exchange Limited (NGX) resumed 2022 on a positive note as the main index gained 0.77 per cent while investors gained over N892 billion.

 Analysts had told Daily Sun before the resumption of trading that they expected the bulls to retain dominance as buying activities due to positioning for 2021 full year dividends would likely suppress selling activities. 

However, Daily Sun investigations showed that at the close of business, the shares of Access Bank, Ardova, Dangote Sugar, FBN Holdings and 21 other depreciated in value as investors remained cautious.

 Specifically, the market’s ASI, which opened the year at 42,716.44 points, rose by 0.77 per cent to close at 43,026.23 points, while market capitalisation grew by N892 billion to close at N23.188 trillion from an opening value of N22.296 trillion.

 BUA Group might have listed its new entity “BUA Foods” on the NGX rumoured to be about 18 billion ordinary shares to raise the market capitalisation. 

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Its Chairman, Abdul Samad Rabiu, had, in a recent interview, said listing of the new entitiy would help people realise the true value chain of the business and assist in dealing with Nigeria’s food crisis. 

He said: “A lot of people do not know the size of this business and that is why we decided to merge all the food businesses: the sugar, the flour and pasta, the rice milling, and the edible oils into one entity. Now that we have done that, people will understand and appreciate the business”. 

 Analysis of yesterday’s market performance revealed that the volume of stocks traded stood at 216.65 million units while the value of shares traded stood at N1.515 billion, exchanged in 4,080 deals. Chams was the most active stock as it traded about 298.65 million shares valued at N608 million, Wema Bank transacted 171.11 million valued at N133.08 million, while Zenith Bank sold 110.35 million shares worth N278.21 million.

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Investors’ sentiment for stocks remained tepid as 25 stocks depreciated in value, while 17 others appreciated in value. Ardova topped the losers’ chart with 10 per cent to close at N11.70; NNFM was next with 10 per cent to close at N7.20, Vitafoam dropped 10 per cent to close at N20.25, Chams lost 9.09 per cent to close at 0.20 kobo while Caverton fell by 6.98 per cent to close at N1.60.

 On the other hand, Academy led the gainers’ chart with 10 per cent to close at 0.55 kobo per share. Wema Bank was next with 9.72 per cent to close at 0.79 kobo, Cornerstone gained 8.70 per cent to close at 0.50 kobo, Neimeth increased by 8 per cent to close at N1.89 while BUA Cement rose by 7.31 per cent to close at N71.95.

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