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Friday, June 9, 2023

Teflon BUA: Price action suggests investors await catalyst

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BUA Cement share price has barely budged in the past 3 months amid a coronavirus induced selloff of rivals such as Dangote Cement and Lafarge.

Dangote Cement is down some 10% in 3 months while Lafarge is one 30 percent in the same period. (see chart)


BUA Cement however has traded in a tight range, suggesting that investors are awaiting some clarity on its operations before making a decision on the stock.

BUA Cement Plc became the third-largest company by market capitalization on the Nigerian Stock Exchange (NSE) after Dangote Cement and MTN Nigeria, when it listed 33.9 billion shares on the NSE at N35 per share, earlier in January.

The indigenous cement maker’s listing followed the just-concluded merger between Cement Company of Northern Nigeria (CCNN) and Obu Cement.

Investors will be watching closely for the results of the consolidated operations of the firm due anytime from now.

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