Stock Market Down N266bn on Profit-taking in  BUA Cement, Others 

Kayode Tokede  

The Nigerian stock market yesterday sustained its profit-taking activities as losses in BUA Cement Plc (10 per cent drop) and 21 others pulled the overall market capitalisation lower by N266 billion.

As a result of investors’ profit-taking, the Nigerian Exchange Limited All-Share Index (NGX ASI)  declined by 423.48 basis points or 0.40 per cent to close at 105,375.69 basis points. 

Consequently, the NGX ASi Month-to-Date and Year-to-Date returns settled at -2.3per cent and +2.4per cent, respectively.Also, market capitalisation shed N266 billion to close at N66.078 trillion.

Analysing by sectors, the NGX Industrial Goods Index dropped by 3.4per cent, NGX Banking Index dipped by 0.7per cent,  and NGX Oil & Gas Index depreciated by 0.1per cent, while the NGX Insurance index advanced by 1.1 per cent and NGX Consumer Goods appreciated by 0.2 per cent.   

However, the market breadth closed positive, as 28 stocks gained relative to 22 losers. NEIMETH International Pharmaceuticals emerged the highest price gainer of 10 per cent to close at N2.97, per share. Northern Nigeria Flour Mills (NNFM) followed with a gain of 9.99 per cent to close at N79.80, while Custodian Investment rose by 9.69 per cent to close at N21.50, per share.

SUNU Assurance increased by 7.99 per cent to close at N5.00, while Guinea Insurance added 7.69 per cent to close at 70 kobo, per share. On the other side, BUA Cement led the losers’ chart with 10 per cent to close at N83.70, per share. Ellah Lakes followed with a decline of 4.82 per cent to close at N3.16, while Regency Alliance Insurance shed 4.41 per cent to close at 65 kobo, per share.

Wema Bank depreciated by 4.19 per cent to close at N10.30, while Omatek Venture down by 2.99 per cent to close at 65 kobo, per share.

The total volume traded fell by 26.7 per cent to 349.983 million units, valued at N8.221 billion, and exchanged in 11,230 deals. Transactions in the shares of Access Holdings led the activity with 36.757 million shares worth N847.292 million. Universal Insurance followed with account of 30.097 million shares valued at N17.934 million, while Fidelity Bank traded 28.897 million shares valued at N488.837 million.

Jaiz Bank traded 22.014 million shares worth N70.128 million, while Zenith Bank traded 19.563 million shares worth N929.982 million.

 On market outlook, Afrinvest Limited said “we anticipate the bearish momentum to linger due to the absence of a positive catalyst.”