BUA Cement, others cause market’s N849bn loss ahead of T-Bills auction

Nigeria’s stock investors lost about N849billion on Tuesday, furthering its negative trend by 1.50 percent ahead of T-Bills auction.

The stock market’s year-to-date (YtD) return lowered to 36.56 percent, no thanks to BUA Cement which led the league of top laggards.

The Central Bank of Nigeria (CBN) will hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on Wednesday, February 7.

At the PMA, T-Bills totalling N1trillion (N200billion, N200billion and N600billion across the 91-day, 182-day, and 364-day instruments, respectively) will be offered.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further from preceding day’s 103,659.81 points and N56.721trillion respectively to 102,108.05 points and N55.872trillion.

BUA Cement decreased most from N185 to N166.50, down by N18.50 or 10percent. It was followed by Sterling Financial Holdings Company which dropped from preceding day’s high of N6.50 to N5.86, down by 64kobo or 9.85percent. Consolidated Hallmark Holdings also made the top decliners list after dropping from N1.70 to N1.53, down by 17kobo or 10percent.

UPDC also decreased from N1.94 to N1.75, down by 19kobo or 9.79percent, while The Initiates decreased from N2.35 to N2.12, down by 23kobo or 9.79percent.

Jaiz Bank, Universal Insurance, Japaul Gold, GTCO and FBN Holdings were actively traded stocks as investors in 11,761 deals on Tuesday exchanged 494,194,208 shares worth N7.596billion.