Market capitalization climbed by N155 billion yesterday, as trading on the equities sector of the Nigeria Exchange Limited (NGX) reopened in a positive light, following advances recorded by major bluechip stocks, particularly Seplat Energy and BUA Cement.

In fact, yesterday saw an increase of 0.40 percent, or 282.69 points, in the All-Share Index (ASI), which closed at 70,479.62 points. In a same vein, the market capitalization value increased by N155 billion total, closing at N38.712 trillion.

Price increases in large- and medium-cap stocks—Seplat Energy, BUA Cement, GlaxoSmithKline Consumer Nigeria, Oando, and Fidelity Bank—were the main driver of the performance’s upward trend.

“Investors’ sentiments towards the Nigerian equities market would be mixed,” according to United Capital Plc analysts. We anticipate that equities that do well during the Q3 2023 earnings season will lead buy interest.

But throughout the week, we expect sporadic profit-booking activity. Additionally, investors are likely to gravitate toward safer fixed-income products as monetary authorities move toward more conventional monetary policy techniques because to the anticipated increase in yield environment.

“We still expect mixed trading tomorrow as investors continue to favor the banking sector while large-cap counters dictate market direction,” stated Vetiva Dealings and Brokerage.

The market was divided as seen by the market breadth, with 27 stocks rising and 28 falling. Thomas Wyatt Nigeria closed at N4.07 kobo, recording the largest price gain of 10%.

GlaxoSmithKline Consumer Nigeria closed at N13.60 kobo, up 6.8%, while Chams Holding Company followed with a gain of 9.90% to settle at N2.22.

Japaul Gold and Ventures gained 9.45% to settle at N1.39 kobo, while Oando appreciated by 9.66% to close at N9.65.

Conversely, Associated Bus Company closed at 78 kobo, leading the losers’ list by 9.30 percent. Champion Breweries fell 9.19 percent to settle at N3.36 kobo, while Cornerstone Insurance trailed with a 9.27 percent decline to close at N1.37 kobo.

While DAAR Communications lost 8.70 percent to settle at 21 kobo, International Breweries fell 8.79 percent to close at N4.15.

The overall volume traded decreased by 4.7% to 391.01 million units, which were exchanged in 6,837 trades and were valued at N7.71 billion. United Bank for Africa (UBA) transactions, totaling 105.627 million shares valued at N2.138 billion, led the activity chart.

Japaul Gold & Ventures traded 21.348 million shares valued at N29.608 million, followed by FBN Holdings (FBNH) with 33.268 million shares worth N602.499 million.

Access Holdings transacted 19.503 million shares worth N335.651 million, while Fidelity Bank traded 20.439 million shares valued at N175.965 million.

The Mecure Industries Limited proposed listing of four billion ordinary shares (4,000,000,000) at N2.96 per share as an introduction, according to NGX, will add N11.9 billion to the Exchange’s market capitalization.

The company that produces human medicines and nutraceuticals has been using innovation and cutting-edge technology to improve medical practice for over ten years.

MeCure introduced the first tablet in a capsule formulation for the pharmaceutical business, termed Liquitab Floatcap, and led the way in the creation of innovative products based on technological advancements.

MeCure’s IPO on the Exchange strengthens its position as the go-to platform for corporations seeking to raise money. In 2023, the exchange has already obtained listings from Africa Plus Partners, Nigeria Infrastructure Debt Fund (NIDF), and VFD Group.

The NGX also stated that it would keep enhancing its value offer to encourage businesses to think about raising money on the Nigerian capital market, rebranding and continuing to lobby legislators and regulators to make public market listing appealing.

📰 Dive into the latest stories and trending news by clicking the link! 🚀 Discover more about this captivating tale and stay up-to-date. ⚡ Click here for the full scoop! 📌 - https://thenews-chronicle.com/gains-in-bua-cement-and-seplat-help-to-push-indices-higher-by-n155-billion/