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Wednesday, September 28, 2022
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Sell-off on shares of BUA Cement, Guinness, others drag Nigeria’s equity market down by N125 bln

By Ifeyinwa Ezeokoli 

The Nigerian equities market sustained its bearish sentiments on Thursday as buying and sell-off activities on the stocks of BUA Cement, Guinness Nigeria and Unilever.

Transactions, however, remain cautious in anticipation of the upcoming Monetary Policy Committee (MPC) meeting next week.

Shares of BUA Cement declined by 6.18 per cent, Guinness Nigeria traded lower by 5.52 per cent while Unilever shares fell by 2.62 per cent.

Also, the shares of United Capital fell 1.32 per cent while that of GTCO, the holding company of Guaranty Trust Bank fell 0.78 per cent.

Consequently, the month-to-date loss increased to -1.3 per cent, while the year-to-date gain moderated to +15.2 per cent.

Thus, the NGX-All Share Index (NGX-ASI) declined by 231.57 points, representing a dip of 0.47 per cent to close at 49,190.34 points.

The market cap of equities listed on the NGX decreased to N26.533 trillion from N26.658 trillion as of the previous close.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, BUA Cement, Cadbury, Nigerian Exchange Group (NGX Group) and Unilever Nigeria.

United Capital Plc said “domestic market extends previous day’s loss; as market sentiments dip in reaction to recent local and global economic trends.

Investors remain on edge on the outlook of the economic and financial market.”

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Also, market breadth closed negative with 14 losers versus 10 gainers.

Trans Nationwide Express recorded the highest price gain of 8.70 per cent to close at 75k per share.

NEM Insurance followed with a gain 2.67 per cent to close at N5.39, while Cutix rose 2.50 per cent to close at N2.05 per share.

Academy Press went up by 2.41 per cent to close at N1.70, while International Breweries appreciated by 2.02 per cent to close at N5.05 per share.

On the other hand, Cornerstone Insurance led the losers’ chart by 10 per cent to close at 54k per share.

Multiverse Mining and Exploration followed with a decline of 9.90 per cent to close at N2.82, while Cadbury Nigeria declined by 9.62 per cent to close at N11.75, per share.

BUA Cement lost 6.18 per cent to close at N50.10, while Guinness Nigeria shed 5.57 per cent to close at N83, per share.

However, the total volume traded increased by 144.5 per cent to 126.84 million units valued at N1.78 billion and exchanged in 3,117 deals.

Transactions in the shares of NGX Group topped the activity chart with 30.75 million shares valued at N553.54 million.

Zenith Bank followed with 24.39 million shares worth N488.01 million, while Fidelity Bank traded 13.84 million shares valued at N50.66 million.

FBN Holdings (FBNH) traded 11.03 million shares valued at N110.81 million, while Access Holdings transacted 8.2e million shares worth N68.21 million.

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