Investors’ Profit-taking In BUA Foods, 15 Others Down NGX By N110bn

Following profit-taking in BUA Foods and 15 other stocks, equities market of the Nigerian Exchange Limited (NGX) on Tuesday further drove down the domestic market by N110 billion.

Specifically, the market capitalisation lost N110 billion to close at N27.811 trillion, while the All Share Index (ASI) decreased by 204.95 absolute points, representing a dip of 0.40 per cent to close at 51,586.50 points.

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.

As measured by market breadth, market sentiment was positive, as 23 stocks gained relative to 16 losers. Red Star Express recorded the highest price gain of 10 per cent to close at N2.75, per share. John Holt followed with a gain 9.76 per cent to close at 90 kobo, 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 46 kobo, while Academy Press appreciated by 8.33 per cent to close at N1.43, per share. On the other hand, International Breweries led the losers’ chart by 9.52 per cent to close at N5.70, per share. Consolidated Hallmark Insurance followed with a decline of 8.00 per cent to close at 69 kobo, while Jaiz Bank went down by 6.67 to close at 84 kobo, per share.

NASCON lost 6.38 per cent to close at N11.00, while BUA Foods and FCMB Group shed 6.36 per cent each to close at N51.50 and N3.24 respectively, per share.

Also, the total volume of trades increased by 20.85 per cent to 234.605 million units, valued at N2.570 billion, and exchanged in 4,646 deals. Transactions in the shares of CAP topped the activity chart with 29.323 million shares valued at N499.947 million. Guaranty Trust Holding Company (GTCO) followed with 29.017 million shares worth N592.438 million, while United Bank for Africa (UBA) traded 25.404 million shares valued at N189.266 million.

Transnational Corporation of Nigeria (Transcorp) traded 23.867 million shares valued at N30.141 million, while Sterling Bank transacted 16.440 million shares worth N24.426 million.

Commenting on the 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.”