NGX Sinks after Large Selloff in BUA Cement Shares
Trading in the local bourse opened the week and month on a bearish note as investors sold off BUACEMENT (-10.0%). Thus, the All-Share Index declined by 0.8% to close at 49,950.32 points. Accordingly, the month-to-date and year-to-date returns printed -0.8% and +16.9%, respectively.
Profit-taking activities in the local bourse dragged the equities market capital capitalisation lower by N226.45 billion. Today’s negative performance was driven by BUA Cement, Neimeth, Fidelity Bank, and International Breweries, among others.
Consequently, the market capitalisation close at N26.936 trillion from the N27.163 recorded on Friday. Also, the All-Share Index lost 0.83 per cent to close at 49,950.32 points compared to 49,667.14 recorded on Friday.
The year-to-date return fell to 16.93 per cent. Similarly, traded volume declined by 28 per cent with 176 million units traded and the value traded fell 19 per cent to N2.2 billion. However, the market breadth was positive as 21 stocks gained and 14 declined.
Caverton Offshore Support Group and Courtville Business Solutions led the gainers’ chart in percentage terms by 10 per cent to close at N1.10 and 44k per share, respectively. Champion Breweries followed with a gain of 9.59 per cent to close at N4, while Unity Bank rose by 9.30 per cent to close at 47k per share.
Livestock also went up by 8.70 per cent each to close at N1.25. On the other hand, Bua Cement led the losers’ chart in percentage terms by 9.96 per cent each to close at N62.40 per share. READ: Yield Dips as Demand for T-Bills Rises, Banks to Selloff Position
McNichols Consolidated shed 9.89 per cent to close at 82k per share. Neimeth International Pharmaceuticals also lost 9.68 per cent to close at N1.40 per share, while International Breweries lost 6.54 per cent to close at N5 per share.
Meyer & Baker declined by 6.42 per cent to close at N3.35 per share. Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions reducing by 19.21 per cent.
A total of 176.05 million units of shares are valued at N2.27 billion. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the volume chart with 21.37 million shares valued at N426.8 million.
Zenith Bank followed with 20.452 million shares worth N429.28 million, while AccessCorp traded 16.79 million shares valued at N149.67 million. First Bank of Nigeria (FBNH) traded 14.31 million shares valued at N153.13 million, while United Bank for Africa transacted 14.26 million shares worth N100.53 million. #NGX Sinks after Large Selloff in BUA Cement Shares
