Investors Lose N849bn to Profit-Taking as BUA Cement Tops Losers'

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further depreciated by 1.50 per cent on Tuesday following sustained profit-taking by investors.

The panic selling was across the key sectors of the bourse as traders repriced Nigerian stocks lower despite assurances from Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, that the economy would get back on its feet as efforts are being made to make the Naira stronger.

Yesterday, the All-Share Index (ASI) went down by 1,551.76 points to 102,108.05 points from 103,659.81 points, and the market capitalisation decreased by N849 billion to N55.872 trillion from N56.721 trillion.

The activity chart was in the red during the trading session, with the trading volume, value, and the number of deals going down by 41.28 per cent, 60.62 per cent, and 13.99 per cent, respectively.

This was because investors bought and sold 494.2 million equities valued at N7.6 billion in 11,761 deals compared with the 841.6 million equities worth N19.3 billion transacted in 13,674 deals a day earlier.

Jaiz Bank was the busiest stock for the day after exchanging 90.8 million units for N227.0 million, Universal Insurance traded 40.4 million units valued at N16.6 million, Japaul transacted 33.6 million units worth N99.3 million, GTCO sold 33.0 million units for N1.3 billion, and FBN Holdings exchanged 27.5 million units valued at N702.5 million.

Business Post reports that investor sentiment was weak during the trading session after the exchange finished with 46 price losers and 14 price gainers, implying a negative market breadth index.

The duo of Consolidated Hallmark and BUA Cement topped the laggards’ group after shedding 10.00 per cent each to sell for N1.53, and N166.50 apiece. Sterling Holdings depreciated by 9.85 per cent to N5.86, UPDC lost 9.79 per cent to quote at N1.75, and The Initiates also slipped by 9.79 per cent to N2.12.

On the flip side, Juli and Cadbury Nigeria sat on top of the advancers’ table after chalking up 10.00 per cent each to close at 77 Kobo, and N24.20, respectively. Meyer gained 9.94 per cent to finish at N5.20, DAAR Communications grew by 9.09 per cent to 84 Kobo, and CAP appreciated by 4.58 per cent to N25.10.