Stock Market Drops by 0.75% for BUA Cement, Lafarge, and Others
Following profit-taking that reduced the Nigerian Exchange (NGX) Limited by 0.75 percent at the close of business, the stock market gave in to selling pressure on Wednesday.
The exchange took a beating during the midweek session as investors sold off shares of BUA Cement and Lafarge Africa in particular.
The outcome was a 3.40 percent decline in the industrial products sector, a 0.58 percent decline in the banking index, and a 0.21 percent decline in the insurance counter. But the consumer goods industry expanded by 1.30 percent, and the energy industry had a growth of 0.93 percent.
According to data, the market capitalization decreased by N216 billion to N28.428 trillion from N28.644 trillion yesterday, and the All-Share Index (ASI) decreased by 396.72% to 52,209.06 points from 52,605.78 points.
In contrast to the 641.0 million shares worth N7.1 billion traded in 5,684 deals on Tuesday, Business Post reports that 554.3 million shares worth N6.0 billion changed hands in 5,168 deals on Wednesday. This represents a decrease in trading volume, value, and deals by 13.53 percent, 15.49 percent, and 9.08 percent, respectively.
The most active company was Access Holdings, which sold 139.3 million shares worth N1.5 billion, followed by FBN Holdings, which sold 100.8 million shares worth N1.2 billion, FCMB, which exchanged 80.2 million shares for N326.5 million, UBA, which traded 42.9 million shares for N343.9 million, and Zenith Bank, which traded 24.5 million shares worth N593.8 million.
The stock exchange closed with 34 price gainers and 20 price losers, suggesting a positive market breadth, demonstrating that investor sentiment remained solid despite today’s setback.
BUA Cement fell by 8.02 percent to N90.00, Caverton lost 9.48 percent to deal at N1.05, Sunu Assurance fell by 9.26 percent to trade at 49 Kobo, Academy Press lowered by 7.88 percent to trade at N1.52, and Africa Prudential fell by 4.46 percent to trade at N5.35.
On the other hand, Ardova increased by 10% to finish at N20.00, NCR Nigeria increased by 9.91% to N2.33, Transcorp increased by 9.69% to N2.15, Japaul increased by 9.68% to 34 Kobo, and CWG increased by 9.43% to N1.74.