BUA Foods hits new 52-week high, retains highest valuation
Consumer goods producer BUA Foods Plc hit a fresh 52-week high on the Nigerian Exchange (NGX) due to a sustained rally in the consumer goods sector. The company also retained its highest valuation rating, surpassing MTN Nigeria, Airtel Africa, and other members of trillion valuation gang in the local bourse. Trading data on BUA Foods showed its price was relatively stable until Friday. BUA Foods’ share price opened the week at N588 on moderate trading activities.
The stock picked up on Friday, settling at N590 as buy-side actors placed bets. Data from the Nigerian Exchange showed that BUA Foods Plc’s share price surged to N590 on Friday, trading at a wide gap against its lowest value of N355.50 within 52 weeks. Transaction volume in the consumer goods stock picked up, fueled by investors’ positive sentiment about future earnings streams and anticipation for dividend payment by the company.
BUA Foods’ 18 billion shares outstanding in the local bourse were valued at N10.620 billion, its highest valuation in 12 months.Meanwhile NGX started the week in a bullish tone, as the NGX All Share Index advanced by 0.31%, to close at 141,439.77 points. As a result, the year-to-date return increased to 37.42% from the 37.00% recorded in prior week. Market capitalisation gained N284.46bn, settling at N89.49trn. Market sentiment was spurred by demands for STANBIC, GTCO, and JBERGER, offsetting losses in CADBURY, ABBEYBDS, and MANSARD, pushing the market in the green. Market activity settled lower compared to the prior session, as transaction volume and value dipped by 54.63% and 73.63%, respectively. FCMB dominated the trading volume with 105.13mn units of stocks exchanged, while GTCO led the value log with deals worth N2.40bn. Market breadth closed positive at 2.29x, reflecting more advancers than decliners. JBERGER led the thirty-eight (38) market gainers, while UPL topped the sixteen (16) laggards, with the remaining stocks closing flat.
