New Telegraph

Equities rebound, gain N138bn


NGX hails BUA Foods

Trading activities on the floor of Nigerian Exchange Limited (NGX), yesterday, closed positive to upturn previous day’s loss as bulls regained grip following gains recorded by blue chip firms. The All-Share Index appreciated by 256.23 basis points or 0.57 per cent to close at 44.655.89 index points as against 44,399.66 recorded the previous trading session, while market capitalisation of equities grew by N138 billion from N23,921 trillion the previous day to N24.059 trillion as market sentiment returned to the positive territory.

A turnover of 235.23 million shares exchanged in 4,151 deals was recorded in the day’s trading. Meanwhile, the Chief Executive Officer, NGX, Mr. Temi Popoola, has commended BUA Foods Plc for taking the bold step to join its subsidiary company, BUA Cement, as a publicily listed company. He said: “The listing of BUA Foods Plc on the Exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabling sustainable growth and development.

“I must commend the efforts made by the management of BUA Foods towards this listing and the roles played by all the professional parties to this transaction including Stanbic IBTC Capital Limited, Rand Merchant Bank Nigeria Limited, UCML Capital Limited, APT Securities Limited and CardinalStone Securities Limited.

“At NGX, this milestone transaction is in line with our strategic objectives to improve listings and enhance investors’ participation in our market. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world. I must, therefore, encourage capital market players and enthusiasts at home and abroad to pay closer attention to the plethora of opportunities available in our market both to list securities and make the most of their investments,” Popoola added.

The Chairman, BUA Group Plc, Abdul Samad Rabiu, represented by Group Executive Director, BUA Foods Plc, Alhaji Kabiru Rabiu, stated: “Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200million and our food production capacity is still not enough to meet current demands. However, with the listing of our food business on the NGX, there is high hope for Nigeria in terms of building capacity for food sufficiency. “We are, therefore, positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and economy. As a listed company, BUA Group has benefitted first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy.

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