NGX Falls by N216bn over Selloff in BUA Cement
As the bears made a fresh appearance, the equities market lost N216 billion midweek due to a large selloff in BUA Cement, one of the Nigerian Exchange (NGX) trillion naira valuation gangs.
Consequently, the All Share Index declined by 396.35 points or 0.75 per cent, to close at 52,209.06 from 52, 605.78 posted on Tuesday. However, the market breadth closed positive as 34 stocks gained relative to 20 decliners. Ardova Plc recorded the highest price gain of 10 per cent to close at N22.00, per share.
NCR Nigeria followed with an appreciation of 9.91 per cent to close at N2.33 and Transcorp gained by 9.69 per cent to close at N2.15, per share. Japaul Gold & Ventures rose by 9.68 per cent to close at 34k, while CWG rose by 9.43 per cent to close at N1.74, per share.
On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.48 per cent to close at N1.05, per share. SUNU Assurance followed with a decline of 9.26 per cent to close at 49k, while BUA Cement lost 8.02 per cent to close at N90, per share.
Academy Press declined 7.88 per cent to close at N1.52, while Africa Prudential shed 4.46 per cent to close at N5.35, per share. The total volume traded dropped by 13.52 per cent to 554.31 million units, valued at N5.96 billion, and exchanged in 5,168 deals.
Transactions in the shares of Access Holdings topped the activity chart with 139.29 million shares valued at N1.47 billion. FBN Holdings followed with 100.75 million shares worth N1.21 billion, while FCMB Group traded 80.18 million shares valued at N326.46 million.
United Bank for Africa (UBA) traded 42.94 million shares valued at N343.9 million, while Zenith Bank transacted 24.48 million shares worth N593.84 million. Analysing by sectors, the Industrial Goods (-3.4%), Banking (-1.2%), and Insurance (-0.2%) indices declined, while the Consumer Goods (+1.2%) and Oil & Gas (+0.9%) indices recorded gains.
Overall, the stock market capitalisation lost N216 billion to close at N28.428 trillion as against N28.644 trillion recorded on Tuesday. #NGX Falls by N216bn over Selloff in BUA Cement Naira Steadies as Banks Issue Update on FX Purchase
