NGX Loses N148bn as Investors Dump BUACEMENT, CONOIL

NGX Loses N148bn as Investors Dump BUACEMENT, CONOIL

The Nigerian Exchange (NGX) market capitalisation lost more than N148 billion on Thursday as sell pressures hit BUA Cement and Conoil, among others. The negative session plunged key performance indicators lower by 0.25%, while the year-to date return moderated further.

The NGX All-Share Index declined by 244.73 basis points to close at 97,233.07.  Although market breadth ended largely positive, the equities market capitalisation declined, driven by sell-offs in blue-chip stocks.

The major driver of NGX’s negative performance was CONOIL, BUACEMENT, and others, leading to a ₦148 billion reduction in investors’ wealth, according to stockbrokers. However, trading activities in the equities market improved as the total volume and total value traded for today increased by 18.02% and 4.08%, respectively.

In its market update, Atlass Portfolios Limited told investors that approximately 291.53 million units valued at ₦7,816.90 million were transacted across 7,931 deals. ACCESSCORP was the most traded stock in terms of volume, accounting for 20.78% of the total volume of traded on NGX.

Other volume drivers include UBA (6.17%), ZENITHBANK (5.59%), OANDO (5.38%), and UCAP (5.31%) to complete the top 5 on the volume chart. Ticker: ACCESSCORP also emerged as the most traded stock in value terms, accounting for 19.32% of the total value of trades on the exchange.

FLOURMILL and TIP topped the advancers’ chart for today with a price appreciation of 10.00 percent each. Other gainers include JOHNHOLT (+9.86%), INTENEGINS (+9.85%), SUNUASSUR (+9.75%), CONHALLPLC (+9.62%), TANTALIZER (+9.52%) and twenty-five others.

Given the trading direction, fifteen stocks depreciated. ABBEYBDS was the top loser, with a price depreciation of -9.77%. Other losers include CONOIL (-6.15%), BUACEMENT (-5.93%), CUSTODIAN (-4.76%), ELLAHLAKES (-4.11%), and OANDO (-3.23%).

Given the trading direction, the market breadth closed positive, recording 32 gainers and 15 losers. The Insurance (+0.95%), Consumer Goods (+0.56%) and Banking (+0.53%) indices closed positive, following appreciation in CONHALLPLC (+9.62%), FLOURMILL (+10.00%) and FBNH (+1.46%), respectively.

In contrast, the Industrial goods (-1.85%) and Oil and Gas (-1.76%) indices edged lower following the losses in BUACEMENT (-5.93%) and OANDO (-3.23%).

Overall, the equities market capitalisation of the Nigerian Exchange lost N148.16 billion to close at N58.92 trillion. # NGX Loses N148bn as Investors Dump BUACEMENT, CONOIL #NGX Loses N148bn as Investors Dump BUACEMENT, CONOIL Naira Steadies as Banks Issue Update on FX Purchase