Market Value Drops N780bn As BUA Cement, MTN Lead Losses

The Nigerian Exchange (NGX) extended its bearish run on Thursday, with investors losing about ₦780.64 billion in market value, dragged down largely by sell pressures in BUA Cement and MTN Nigeria.

The All-Share Index (ASI) fell by 1,233.86 points or 0.87% to close at 140,332.44, while market capitalisation declined to ₦88.78 trillion. Year-to-date return moderated to 36.34%.

Heavyweight BUA Cement plunged 9.96%, erasing much of the day’s gains from smaller-cap stocks. MTN Nigeria also shed 2.25%, compounding the bearish sentiment. Other laggards included Julius Berger (-9.96%), AXA Mansard (-5.18%), Sterling Financial Holdings (-2.56%), and Access Holdings (-1.64%).

Additional declines came from Wema Bank (-0.84%), United Capital (-0.78%), Oando (-0.61%), Stanbic IBTC (-0.53%), AIICO Insurance (-0.51%), and FCMB (-0.46%).

Market activity also slowed, with transaction volume down 20.51% and value lower by 0.46%. A total of 573.75 million units worth ₦12.88 billion were exchanged across 25,881 deals. Fidelity Bank led the activity chart, accounting for 16.8% of total volume and 15.54% of total value.

Top volume movers included Veritas Kapital (6.40%), Universal Insurance (5.76%), Access Holdings (5.31%), and Jaiz Bank (3.70%).

On the gainers’ side, Jaiz Bank led with a 9.75% rise, followed by NSL Tech (+9.38%), Omatek (+5.88%), Chams (+5.00%), Custodian (+4.86%), and Mecure (+3.90%).

However, market breadth closed negative with 16 gainers against 45 losers. The worst performers included International Energy Insurance (-9.98%), Thomas Wyatt (-9.98%), University Press (-9.98%), Veritas Kapital (-9.98%), BUA Cement (-9.96%), FTN Cocoa (-9.50%), Champion Breweries (-9.32%), and Mansard (-5.18%).

Sectoral performance was largely bearish: Industrial goods (-4.04%), Insurance (-4.69%), Consumer goods (-0.04%), and Oil & Gas (-0.06%). The Banking index provided the sole cushion, rising 0.47%, while the commodities sector closed flat.