NGX resumes with N30bn loss on BUA Foods profit taking


The domestic stock market opened the trading week on Monday on a bearish mood with a loss of N30 billion due to sell pressure in BUA Foods and 21 other equities.

Specificaly, the market capitalisation which opened at N23.951 trillion, lost N30 billion to close at N23.921 trillion.

Similarly, the All-Share Index dipped 55.01 points or 0.12 per cent to close at 44,399.66 from 44,454.67 posted on Friday.

Consequently, the year-to-date gain moderated to 3.9 per cent.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Foods, Nigerian Exchange Group (NGXGroup), International Breweries, Lafarge Africa and Fidson Healthcare.

Analysts at Afrinvest Limited said: “We expect a rebound in the subsequent trading session as investors position ahead of 2021 full year earnings results.”

Market breadth was negative with 22 losers against 16 gainers.

Veritas Kapital Assurance led the losers’ chart in percentage terms by 8.70 per cent to close at 21k per share.

Mutual Benefits Assurance followed with 7.41 per cent to close at 25k, while Cornerstone Insurance lost 7.27 per cent to close at 51k per share.

BUA Foods dipped 6.36 per cent to close at N61.80, while Courteville Business Solutions shed 5.41 per cent to close at 35k per share.

Conversely, The Initiates drove the gainers’ chart in percentage terms with 10 per cent to close at 44k per share.

SUNU Assurance followed with 9.68 per cent to close at 34k, while Eterna rose by 6.95 per cent to close at N6 per share.

Wapic Insurance was up by 6.25 per cent to close at 51k, while Consolidated Hallmark Insurance appreciated by 4.48 per cent to close at 70k per share.

However, the total volume of trade decreased by 47.2 per cent to 214.32 million units valued at N2.69 billion in 4,410 deals.

This was against a turnover of 405.74 million shares worth N9.83 billion traded in 3,880 deals on Friday.

Transactions in the shares of Transcorp topped the activity chart with 39.35 million shares valued at N43.05 million.

FBN Holdings followed with 25.49 million shares worth N305.97 million, while Guaranty Trust Holding Company traded 24.81 million shares valued at N625.09 million.

Zenith Bank traded 20.92 million shares valued at N532.96 million, while Fidelity Bank transacted 10.36 million shares worth N27.22 million. 


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