NGX Dips N81 bln on Weekend Selloffs, BUA Foods Trades Heavy
The Nigerian Exchange (NGX) dips as the local bourse ends the second week in the year on a negative note following a decision by equity investors to dump some industrial, and Insurance companies stocks.
Today’s profit-taking on bellwether stocks caused key market indicators to slide, while year to date return moderated further. Trading data shows that BUA Foods, a newly listed stock with about 100% concentration in BUA Chairman and family’s hands were on demand.
However, market data review shows that today’s decline was driven by the price depreciation in highly capitalised cement company stock, DANGCEM, NGXGGROUP, GTCO and 11 others.
Overall, the Nigerian Exchange All-Share Index falls 150.07 basis points, representing a decline of 0.34 per cent to close at 44,454.67 points, according to market data. With the bearish trade, equity market capitalisation declined by ₦80.86 billion to close at ₦23.95 trillion on Friday.
However, the market activities were bullish as the total volume and value traded rose by 26.10 per cent and 168.88 per cent, respectively, Atlass Portfolios Limited said in a note. Today, a total sum of 405.74 million units valued at ₦9.83 billion were transacted in 3,880 deals as BUAFOODS led as the most traded stock in terms of volume.
Transaction on BUAFoods stock accounted for 25.36 per cent of the total volume of trades, followed closely by TRANSCORP (23.93%), ACCESS (8.18%), FBNH (6.54%), and JAIZBANK (6.39%) to complete the top five on the volume chart. Also, BUAFOODS emerged as the most traded stock in value terms, with 68.79 per cent of the total value of trades on the exchange.
FIDSON topped the gainers’ chart with price appreciation of 9.65 per cent, trailed by JBERGER (3.64%), STERLNBANK (3.29%), UCAP (1.83%), LIVESTOCK (1.43%), HONYFLOUR (1.20%), NB (1.10%), AFRIPRUD (0.78%), UBA (0.61%) and five (5) others.
On the contrary, seventeen (17) stocks declined in price, led by SUNUASSUR with a price depreciation of 8.82 per cent to close at ₦0.31. JAPAULGOLD share price depreciated by 2.33%, DANGCEM lost 1.82%, CHIPLC declined by 1.47%, NGXGROUP sheds 1.24%, GTCO pull back by 0.98%, ETI share priced down by 0.58% and FLOURMILL tumbled 0.18%.
Consequently, the market breadth closed negative, recording 14 gainers and 17 losers. Market data shows that NGX sector performance was mixed.
Consumer Goods segment inched higher by 0.18% and Banking sector gained 0.26% as against the previous session, while the Industrial Goods and Insurance sector dipped by 0.94% and 0.69%, respectively, leaving the Oil & Gas sectors unchanged. #NGX Dips N81 bln on Weekend Selloffs, BUA Foods Trades Heavy
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