BUA, FBNH Selloffs Drag NGX Lower By N729bn

Equities investors in the Nigerian Exchange (NGX) lost more than N729 billion on Tuesday as the market priced BUA Cement, FBNH and Transcorp lower. This is the second large daily loss since the beginning of the week, dragging year-to-date return downward.

Key performance indicators slumped by 1.30% following waning buying interest attributed to price corrections in the stock market. In its market update, Atlass Portfolios Limited attributed the downturn to investors’ profit-taking in some medium and large-scale stocks such as BUACEMENT, FBNH, TRANSCORP, and 39 others. 

At the close of the trading session, the market index or All-Share Index decreased by 1,332.56 basis points today, representing a decline of -1.30% to close at 101,060.67. Stockbrokers said market activities slowed down following changing investing mood.  Total volume and total value traded for the day were reduced by -6.46% and -10.90% respectively.

According to data from the local bourse cited by stock traders in their separate notes, approximately 256.16 million units valued at ₦6,628.64 million were transacted in 8,783 deals.

TRANSCORP was the most traded stock in terms of volume, accounting for 15.58% of the total volume of trades. The investment company was followed by UBA (10.20%), FIDELITYBK (9.99%), ZENITH BANK (8.24%), and GTCO (5.41%) to complete the top 5 on the volume chart.

GEREGU was the most traded stock in value terms, with 16.79% of the total value of trades on the exchange.  Again, JULI topped the advancers’ chart for today with a price appreciation of 9.94 per cent. ETERNA trailed the Pharmaceutical company with (+6.17%) growth, VERITASKAP (+5.97%), GEREGU (+3.68%), TANTALIZER (+2.63%), NSLTECH (+1.56%), ELLAHLAKES (+1.31%) and WAPCO (+1.25%).

Trading data showed that forty-two stocks depreciated. HONYFLOUR was the top loser, with a price depreciation of -10.00%. The food producer was trailed by losses in BUACEMENT (-9.98%), UNILEVER (-8.48%), INTBREW (-8.46%), FBNH (-8.42%), and TRANSCORP (-5.80%).

Based on trading results, the market breadth closed largely negative, recording just 8 gainers and 42 losers. In addition, the market sector performance ended negative. Stockbrokers said four out of the five major market sectors went down today. The Insurance sector dropped by -3.89 followed by 3.62% registered by the Industrial sector while the Banking sector fell by -2.37%.

The Consumer goods sector also slid by 0.87%. However, the Oil & Gas sector grew by +0.21%. Overall, the equities market capitalisation of the Nigerian Exchange went down by l₦729.16 billion, representing a drop of -1.30%, to close at ₦55.30 trillion. #BUA, FBNH Selloffs Drag NGX Lower By N729bn Electricity Act: Experts Laud FG on 5% Compensation to Host Communities

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