Stock Market Halts Winning Streak, Loses N216bn

The domestic stock market, yesterday, ended its four-day winning streak as the overall capitalisation shed N216 billion on selloffs in BUA Cement Plc and 19 others.

The All-Share Index declined by 396.35 per cent, representing a decline of 0.75 per cent, to close at 52,209.06 points. Similarly, the overall market capitalisation value lost N216 billion to close at N28.428 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Cement, Stanbic IBTC Holdings, Africa Prudential, Academy Press and Caverton Offshore Support Group.

On market outlook, analysts at Afrinvest Limited said: “today, we expect market performance to be guided by extended profit-taking despite the improved investor sentiment.”

However, the market breadth closed positive as 34 stocks gained relative to 20 decliners. Ardova Plc recorded the highest price gain of 10 per cent to close at N22.00, per share. NCR Nigeria followed with a gain of 9.91 per cent to close at N2.33 and Transnational Corporation (Transcorp) up by 9.69 per cent to close at N2.15, per share.

Japaul Gold & Ventures rose by 9.68 per cent to close at 34 kobo, while CWG gained 9.43 per cent to close at N1.74, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.48 per cent to close at N1.05, per share. SUNU Assurance followed with a decline of 9.26 per cent to close at 49 kobo, while BUA Cement lost 8.02 per cent to close at N90.00, per share.

Academy Press declined 7.88 per cent to close at N1.52, while Africa Prudential shed 4.46 per cent to close at N5.35, per share.

The total volume traded fell by 13.52 per cent to 554.312 million units, valued at N5.958 billion, and exchanged in 5,168 deals. Transactions in the shares of Access Holdings topped the activity chart with 139.287 million shares valued at N1.465 billion.

FBN Holdings followed with 100.752 million shares worth N1.207 billion, while FCMB Group traded 80.176 million shares valued at N326.461 million.