BUA Cement losses further dips local stock market by 0.5%

Equities trading at the Nigerian Exchange Limited (NGX) was bearish on Thursday as the benchmark index fell by 0.47 per cent to settle at 49,190.34 basis points, putting the index on track for a third successive weekly loss.

Thus the All-Share Index (ASI) dipped by 0.5 per cent to close at 49,190.34 basis points. Consequently, the Month-to-Date loss increased to -1.3 per cent while the Year-to-Date gain moderated to +15.2 per cent.

Investors, therefore, further lose N124.94 billion as the market capitalisation settled at N26.53 trillion by the end of the bearish trade.

The decline in market heavyweight, BUA Cement, was the major driver of the market’s weak performance as the share price depreciated by 6.18 per cent.

As measured by market breadth, market sentiment was negative as 14 tickers lost relative to nine gainers.

On the performance board, Cornerstone Insurance and Multiverse topped the losers’ list having depreciated in value by 10.9 per cent and 9.9 per cent, respectively; while Trans Express and NEM Insurance recorded the highest gains of the day after their respective share prices appreciated by 8.7 per cent and 2.7 per cent.

Sectoral performance was broadly negative, as the Industrial Goods, Consumer Goods, Insurance, and Oil & Gas indices declined by 2.3 per cent, 0.4 per cent, 0.3 per cent, 0.2 per cent, respectively; while the Banking index advanced by 0.4 per cent.

Meanwhile, trading activity was strong, with total deals, volume, and value surging by 4.56 per cent,144.51 per cent and 202.00 per cent, respectively, to 3,117 trades, 126.84 million units, and N1.78 billion.

NGXGROUP was the most active stock in terms of volume and turnover, with 20.75 million shares worth N553.54 million changing hands in 105 deals.

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