• Friday, November 22, 2024
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BUA Cement, others cause equities market’s first dip this week

Lafarge, Eunisell, Honeywell, others spur NGX third session of positive close

After a two-day rally, Nigeria’s equities market recorded its first decline on Wednesday by a remarkable margin of 0.75 percent or N215billion.

This dip came as more investors sold shares of BUA Cement Plc, Africa Prudential Plc, Caverton Offshore Support Group Plc and Academy Press Plc.

The market’s record negative close on Wednesday erased this week’s earlier gains, thereby pushing the week-to-date (WtD) return into negative of 0.49 percent.

Read also: Titan Trust offers N7 per share to buy out Union Bank minority shareholders

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation decreased from preceding day’s high of 52,605.41 points and N28.643 trillion to 52,209.06 points and N28.428 trillion.

BUA Cement decreased most, from N97.85 to N90, losing N7.85 or 8.02 percent. It was followed by that of Africa Prudential which moved down from N5.60 to N5.35, shedding 25kobo or 4.46 percent and Academy Press which dropped from N1.65 to N1.52, losing 13kobo or 7.88 percent. Caverton also dropped from a high of N1.16 to N1.05, losing 11kobo or 9.48percent.

In 5,168 deals, investors exchanged 554,312,101 shares valued at N5.957billion. Shares of Access Corporation, FBN Holdings, FCMB Group, UBA and Zenith Bank were most traded on the Nigeria Exchange Limited. The market’s positive return year-to-date (YtD) decreased to 1.87 percent.

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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