NGX Sinks as Investors Dump BUA Cement Shares
The Nigerian Exchange (NGX) sinks further on Thursday, triggered by selloffs in BUA Cement and other mid-cap listed companies’ shares. Today’s bearish outing is a continuation of profit-taking that has persisted after the interest rate that triggered yield repricing in the fixed income market.
Technically speaking, one market always gives way to the other as a result of portfolios reshuffled by retail and institutional investors
Consequently, year-to-date return moderated as market performance indicators dipped by 0.47%, according to trading data. The Nigerian Exchange All-Share Index shed 231.57 basis points, representing a decline of 0.47% to close at 49,190.34.
Overall, stock market capitalization lost ₦124.91 billion to close at ₦26.53 trillion from ₦26.66 trillion the previous day. Nonetheless, market activities were up as the total volume and total value traded for the day increased by 144.49% and 202.00% respectively.
In a market report, stockbrokers at Atlass Portfolios Limited said approximately 126.84 million units valued at ₦1,781.81 million were transacted in 3,117 deals.
NGXGROUP was the most traded stock in terms of volume, accounting for 24.25% of the total volume of trades, followed by ZENITH BANK (19.23%), FIDELITYBK (10.91%), FBNH (8.70%), and ACCESSCORP (6.49%) to complete the top 5 on the volume chart.
Also, NGXGROUP emerged as the most traded stock in value terms, with 31.07% of the total value of trades on the exchange. TRANSEXPR topped the advancers’ chart with a price appreciation of 8.70 per cent,
The ticker was trailed by NEM (2.67%), CUTIX (2.50%), ACADEMY (2.41%), INTBREW (2.02%), and five (5) others. Today, Fourteen (14) stocks depreciated, topped by CORNERST with a price depreciation of 10.00% to close at ₦0.54.
Then, there were losses recorded in trading activities in MULTIVERSE (-9.90%), CADBURY (- 9.62%), BUACEMENT (-6.18%), NGXGROUP (-2.96%), UNILEVER (-2.62%) and GTCO (-0.78%) also dipped in price.
Market breadth closed negative, recording 10 gainers and 14 losers while the sector performance was negative, as four out of the five major market sectors closed bearish. READ: Nigerian Bourse Sees Large Gain as Airtel, BUA Foods Rally
The weak outing was led by the Industrial sector (-2.30%), trailed by the Consumer goods (-0.36%), the Insurance (-0.32%), and the Oil & Gas sectors (-0.20%), while the Banking sector (+0.42%) closed positive.
# NGX Sinks as Investors Dump BUA Cement Shares#