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Nigeria’s stocks buck trend with N216 bln, losses as investors sell down Bua shares

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By Ifeyinwa Ezeokoli

The domestic stock market ended its four-day winning streak on Wednesday as the overall capitalization shed N216 billion due to selling pressure in BUA Cement and 19 other stocks.

Thus, the All-Share Index declined by 396.35 points, representing a decline of 0.75 percent, to close at 52,209.06.

Consequently, the month-to-date and year-to-date returns printed -0.4 percent and +1.9 percent, respectively.

Similarly, the overall market capitalization value lost N216 billion to close at N28.428 trillion.

The negative market performance was driven by price depreciation in large and medium-capitalized stocks, which are BUA Cement, Stanbic IBTC Holdings, Africa Prudential, Academy Press, and Caverton Offshore Support Group.

On the market outlook, analysts at Afrinvest Ltd. said that “today, we expect market performance to be guided by extended profit-taking despite the improved investor sentiment.”

However, the market breadth closed positive, as 34 stocks gained relative to 20 decliners.

Ardova Plc dominated the gainers’ chart in percentage terms, with 10 percent to close at N22 per share.

READ ALSO: Nigeria’s debt situation is precarious, with ‘ limited borrowing space,’ warns DG budget

NCR followed with a gain of 9.91 percent to close at N2.33, and Transcorp rose by 9.69 percent to close at N2.15 per share.

Japaul Gold & Ventures grew by 9.68 percent to close at 34k, while CWG gained 9.43 percent to close at N1.74 per share.

On the other hand, Caverton Offshore Support Group led the losers’ chart in percentage terms by 9.48 percent to close at N1.05 per share.

SUNU Assurance followed with 9.26 percent to close at 49k, while BUA Cement lost 8.02 percent to close at N90 per share.

Academy Press declined by 7.88 percent to close at N1.52, while Africa Prudential shed 4.46 percent to close at N5.35 per share.

The total volume traded dipped by 13.52 percent, with an exchange of 554.31 million units valued at N5.96 billion exchanged in 5,168 deals.

Transactions in the shares of Access Holdings topped the activity chart with 139.29 million shares valued at N1.47 billion.

FBN Holdings followed with 100.75 million shares worth N1.21 billion, while FCMB Group traded 80.176 million shares valued at N326.46 million.

United Bank for Africa traded 42.94 million shares valued at N343.89 million, while Zenith Bank transacted 24.48 million shares worth N593.84 million.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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