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HomeBusinessNigeria equity market drops N110 bln on BUA Foods loss as naira...

Nigeria equity market drops N110 bln on BUA Foods loss as naira falls to N430/$

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By Ifeyinwa Ezeokoli

Bearish sentiments drove the domestic equities market on Tuesday down by N110 billion following profit taking in BUA Foods and 15 others.

Sentiments remained bearish in the Nigerian equities market, as losses in BUAFOODS (-6.7 per cent) drove the benchmark index lower.

Thus, the All-Share Index dipped by 0.4 per cent to 51,586.50 points compared with 51,791.45 points close the previous day.

Accordingly, the month-to-date loss increased to 0.5 per cent, while the year-to-date return moderated to 20.8 per cent.

The market capitalisation of equities listed on the NGX decreased to N27.811 trillion from N27.921 trillion as on the previous close.

The total volume traded closed with an exchange of 234.605 million units valued at N2.57 billion traded in 4,646 deals.

However, the market breadth was positive with 23 gainers as against 16 losers.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; BUA Foods, Chemical & Allied Products (CAP), NASCON Allied Industries, FBN Holdings (FBNH) and International Breweries.

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On market outlook, GTI Securities Limited said “Equity market closed transaction for today negative as bargain hunting continues with prominent losses witnessed in all the sectors except in the industrial. We expect cautious trading to continue in the week.”

Red Star Express recorded the highest price gain of 10 per cent to close at N2.75 per share.

International Breweries led the losers’ chart in percentage terms by 9.52 per cent to close at N5.70 per share.

Consolidated Hallmark Insurance followed with 8 per cent to close at 69k, while Jaiz Bank went down by 6.67 to close at 84k per share.

NASCON lost 6.38 per cent to close at N11, while BUA Foods and FCMB Group shed 6.36 per cent each to close at N51.50 and N3.24 per share, respectively.

John Holt followed with a gain 9.76 per cent to close at 90k, while UACN Property Development Company (UPDC) appreciated by 9.73 per cent to close at N1.24 per share.

Unity Bank went up by 9.52 per cent to close at 46k, while Academy Press appreciated by 8.33 per cent to close at N1.43 per share.

Also, the total volume of trades increased by 20.85 per cent to 234.61 million units valued at N2.57 billion exchanged in 4,646 deals.

Transactions in the shares of CAP topped the activity chart with 29.32 million shares valued at N499.95 million.

Guaranty Trust Holding Company (GTCO) followed with 29.02 million shares worth N592.44 million, while United Bank for Africa (UBA) traded 25.40 million shares valued at N189.27 million.

Transcorp traded 23.87 million shares valued at N30.14 million, while Sterling Bank transacted 16.44 million shares worth N24.43 million.

Meanwhile, the local currency weakened by 1.0 per cent on the Investors and Exporters foreign exchange window to N430 to the dollar compared with N425.75 it closed the previous trading day.

Traders said most participants maintained bids between N413.40 and N444.00 per dollar during Tuesday’s trading session.

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