BUA, Cadbury, Nestle Drag NGX Index; investors lose N1.67trn
• Investors trimmed holdings ahead of Dangote Refinery IPO
• Capital is rotating from some underperforming shares
• Industrial stock worst performing
• Insurance stocks face sell-offs
• Consumer goods index declines
• Banking and Oil &Gas Index closed in the red
Profit-taking in BUA Cement, Cadbury Nigeria, Nestle, among others dragged the Nigerian Exchange (NGX) All-Share Index downward on Wednesday ahead of Dangote Refinery initial public offering.
The market extended its retreat from the previous session, reflecting continued sell-offs in medium and large-cap stocks across key market sectors.
Stockbrokers said investors continue to adjust their portfolios in anticipation of new investment opportunities, targeting the Dangote Refinery listing next week.
The Industrial Goods and Insurance sectors recorded the steepest declines, with BUACEMENT, CADBURY, NESTLE, NB, TRANSCORP, among others, posting significant losses.
BUACEMENT (-10.00%), NB (-9.76%), NESTLE (-6.51%), and GTCO (-1.31%).
Consequently, the market index fell by -2,579.01 basis points to close at 242,223.10, while market capitalisation fell by ₦1,672.14 billion to ₦157.05 trillion. MarketForces Africa had reported that the local stock market capitalisation has surpassed N160 trillion.
Today, total trade volume and total transaction value declined by 29.04% and 19.94%, respectively. Stockbrokers reported that approximately 534.45 million units valued at ₦22,275.82 million were transacted across 46,943 deals.
STERLINGNG topped the volume chart, accounting for 14.70% of all units traded in the market, followed by MBENEFIT (14.21%), ACCESSCORP (4.72%), ZENITHBANK (4.16%), and CHAMS (3.68%).
On value traded, NESTLE led the value chart, accounting for 14.46% of the total value of all trades executed in the market, thereby making it the highest traded on the exchange.
CHAMPION led the gainers chart, up +9.90%, then trailed by VFDGROUP (+9.52%), UPDC (+5.88%), IKEJAHOTEL (+4.58%), CUTIX (+3.06%), STERLINGNG (+2.67%), and five others. A total of forty-three stocks depreciated.
With a price depreciation of -10.00% each, JAPAULGOLD, ZICHIS and seven others topped the worst performers’ chart, followed by CADBURY (-9.94%), INTENEGINS (-9.88%), TRIPPLEG (-9.79%), FTGINSURE (-9.76%), and NB (-9.76%).
Hence, market breadth closed negative, with 11 gainers and 43 losers. Sectoral performance was negative today as all five major market sectors declined.
The Industrial goods sector fell by 3.09%, followed by the Insurance sector (-3.07%), the Consumer goods sector (-2.09%), the Banking sector (-0.53%), and the Oil & Gas sector (-0.20%).
