BUA Cement Plc closed the week with a market value of N6.08 trillion, boosted by a bull run on the local exchange. The cement oligarch’s main adversary has been expanding capital investment to boost capacity.
On Friday, the company’s 33.864 billion outstanding shares were valued at N6.083 trillion, according to statistics received from the Nigerian Exchange platform at a unit price of N179.65.
The cement company’s share price has risen by around 21% in the previous five trading sessions, from N148.50 to N179.65, owing to increasing purchasing activity in industry equities.
Less than 690,000 BUA Cement share volume were traded in the local bourse on Friday, versus more than 2 million and about 4 million shares that exchanged hands on Thursday and Wednesday respectively.
In the previous week, equities investors traded unusual volumes of BUA cement, and the strong buying interest drove the price higher. The cement company’s market capitalisation has been hovering around N3.5 trillion.
The ongoing stock market rallies however triggered an increase in BUA Cement’s valuation after investors trading highs and lows in the local bourse pumped funds in the cement company’s shares.
The market is awaiting the release of the company’s fourth quarter of the financial year 2023 earnings scorecard to be released. Analysts expect earnings to drive a further uptick in share price if the market keeps uptrend.
