BUACEMENT declares a final dividend of ₦2.80 per share as Bulls hold sway… ASI up 131bps.

Buacement has declared a final dividend of N2.8 per share as the Stock Market closed in the green and the NGX-ASI rose 1.3% due to price appreciation in TRANSCOH, DANGCEM, and FBNH. Consequently, YTD return improved to 24.4% (previously: 22.8%), while market capitalisation increased by ₦448.3bn to ₦34.7tn. Activity level also increased as volume and value traded rose 22.4% and 209.5% to 868.8m units and ₦42.8tn, respectively.

Across our coverage sectors, performance was positive as 4 indices gained while 2 lost. Leading the gainers, the Insurance, and Industrial Goods indices, rose 4.2% and 3.6 % respectively, owing to price uptick in MANSARD (+9.8%), AIICO (+6.3%), DANGCEM (+6.7%), and WAPCO (+1.8%). Similarly, the Consumer Goods and Oil & Gas indices went up 0.7% and 0.6% respectively, on the back of buy interest in PZ (+9.9%), UNILEVER (+5.0%), OANDO (0.2%), and ETERNA (9.9%). Conversely, sell pressure on STANBIC (-6.9%), ZENITH (-3.4%), and ETRANZACT (-6.2%) dragged the Banking and AFR-ICT indices lower by 0.2% and 2bps respectively.

In line with our expectation, investor sentiment strengthened to 0.63x from 0.28x in the prior session as 49 stocks advanced, 20 declined, and 46 closed flat. Tomorrow, we expect the market to extend its gains further as investors continue to take advantage of the recent price moderation.

Dividend Information for 2023