NGX Drops By N216bn Over Selloff In BUA Cement

SEC Warns Nigerians Against Investing In FinAfrica, Poyoyo

The stocks market lost N216 billion in the middle of the week as a result of a significant selloff in BUA Cement, one of the Nigerian Exchange’s (NGX) trillion-naira valuation gangs.

As a result, the All Share Index dropped by 396.35 points, or 0.75 percent, to finish at 52,209.06 from the previous day’s closing value of 52,605.78. However, the market breadth ended up being favorable as 34 stocks rose in comparison to 20 declining ones. The price increase of 10% by Ardova Plc, which closed at N22.00 per share, was the biggest.

Transcorp increased by 9.69% to settle at N2.15, while NCR Nigeria followed with a gain of 9.91% to close at N2.33 per share. Japaul Gold & Ventures increased 9.68% to settle at $34,000, while CWG rose by 9.43 per cent to close at N1.74, per share.

Conversely, Caverton Offshore Support Group, which closed at N1.05 per share, topped the losers’ chart by 9.48 percent. Following with a loss of 9.26% to close at 49k, SUNU Assurance, and BUA Cement both suffered losses of 8.02% to conclude at N90 per share, respectively.

While Africa Prudential lost 4.46 percent to settle at N5.35, per share, Academy Press fell 7.88 percent to close at N1.52. With 5,168 transactions, the overall volume traded decreased by 13.52 percent to 554.31 million units, worth N5.96 billion.

With 139.29 million shares changing hands for N1.47 billion, transactions in Access Holdings shares came out on top. Following with 100.75 million shares worth N1.21 billion, FBN Holdings and FCMB Group traded 80.18 million shares valued at N326.46 million.

United Bank for Africa (UBA) traded 42.94 million shares valued at N343.9 million, while Zenith Bank transacted 24.48 million shares worth N593.84 million. Analysing by sectors, the Industrial Goods (-3.4%), Banking (-1.2%), and Insurance (-0.2%) indices declined, while the Consumer Goods (+1.2%) and Oil & Gas (+0.9%) indices recorded gains.

Overall, the stock market capitalisation lost N216 billion to close at N28.428 trillion as against N28.644 trillion recorded on Tuesday.

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