Browsing: Analysis
BUA Cement Plc’s share price declined by 10% week-on-week due to profit-taking amid a broader sell-off in the Nigerian stock market. The cement company’s share price printed at N378, though low volume was seen all week, reflecting BUA’s concentrated holding.
Nigeria’s foreign reserves topped $50 billion in the first week of June due to sustained FX receipts across key sources, data from the Central Bank of Nigeria (CBN) revealed.
The market value of Wema Bank Plc.’s 40.118 billion outstanding shares declined by more than 10% over the last five trading sessions due to sell pressure to N1.203 trillion.
Abbey Mortgage Bank Plc soared by more than 47% in 5 days as investors increased bets on the Nigerian lender following the announcement of Central Bank (CBN) regional licence approval last week.
Cement company Lafarge Africa Plc lost about 10% of its market value due to heavy sell-offs on the Nigerian Exchange. The sell pressure aligned well with broader market direction, stockbrokers said, reflecting an ongoing market correction that has lasted for three days.
MTN Nigeria Plc lost about 7% of its market value on Wednesday as investors trimmed their holdings in the telecommunication company’s shares.
First Holdco Plc dropped by more than 16.78% in three days due to aggressive selloffs by the company’s shareholders in the stock market. The financial services company’s negative performance aligned with broader sentiment in the Nigerian Exchange.
Analysts at CardinalStone Securities Limited have jerked up their target price for Transnational Corporation to N69.71 per share, citing the TransAfam turnaround as the reason for their buy recommendation.
Wema Bank Plc’s market value declined by more than 9% due to heavy sell-offs on the local bourse on Tuesday. Its sharp price depreciation aligned with a broader downturn in the stock market.
Global equities opened on a mixed note after renewed tensions between the US and Iran weighed on sentiment, while investors reacted to a sharp surge in oil prices.