The shares of BUA Foods Plc have appreciated by 46.25 percent on the Nigerian Exchange Limited (NGX) after its formal launch last week.
During a four -day trading session on the NGX since its listing on January 5th 2022, the food firm has seen its stock risen for the fourth consecutive trading period on the Nigerian Bourse.
The company’s shares opened trading at N40 per share with an introductory 18 billion shares on 5th of January, BUA Foods however, surged cumulatively by 46.25 percent to keep its shares at N58.50 kobo per shares.
In the process, BUA Foods’ shares gained N18.5 in share value or 46.25 percent, while the food chain also recorded a N333 billion jump in its market capitalisation, which currently stands at
N1.053 trillion from N720 billion.
In total, investors traded
1,324,244,071 shares of BUA Foods, trading 101,356,308 shares on Monday January 10th,
204,599,864 shares on Friday January 7, 11,289,437 on January 6th and 1,006,998,462 shares during its opening trade.
During a, single trade on Monday, BUA Foods closed trading as the biggest gainers on the NGX, gaining 9.96 percent. Its trading activities show that it rose to N44 on Wednesday last week, and jumped to N48. 4 per share the next day, N53. 2 per share on Friday and ultimately to N58.50 kobo per shares on Monday, January 10.
The NGX had on January 5th announced the listing by introduction of BUA Foods Plc on its Main Board, a total of 18 billion ordinary shares of BUA Foods at N40.00 per share under the Consumer Goods sector of NGX.
The listing of BUA Foods’ shares has added N720 billion to the market capitalisation of the NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
It is expected that this listing will also increase the visibility of the food manufacturing, processing, and also BUA Foods, to investors on the African continent and across the globe.
Commenting on the listing, Abdul Samad Rabiu, Chairman of BUA Group expressed delight that yet another member of BUA Group has been listed on the NGX. This, he said shows the commitment of the Group to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.
“We appreciate the continued support of our stakeholders – financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships”, he said.
