BUA Foods, Conoil, others drive stock market to new low

Nigeria’s equities market reached new low on Thursday as investors continued to sell down stocks. The market closed further in the red zone by about N196billion, representing a decline of 0.69 percent.

This was driven majorly by stocks like BUA Foods, Conoil, Etranzact, CWG and Eterna.

BUA Foods recorded the highest loss on Thursday by N5.95 or 9.97 percent, from N59.70 to N53.75; followed by Conoil which dropped from day open high of N32 to N28.80, losing N3.20 or 10 percent.

Likewise, Etranzact decreased from
N2.71 to N2.44, losing 27kobo or 9.96percent, while CWG moved down from preceding day high of N1.04 to 94kobo, losing 10 kobo or 9.62percent, while Eterna dropped from N8 to N7.50, losing 50kobo or 6.25 percent.

The record loss on the Bourse pushed further the week’s negative return to 1.49percent.

Read also: Stock market moves further south by 0.64%

This month, the market has decreased by 1.09 percent, while its positive return seen year-to-date (YtD) printed lower at 22.70percent on Thursday.

Sterling Bank, Zenith Bank, UBA, Transcorp and FBN Holdings were actively traded stocks on the Nigerian Exchange Limited (NGX).

In 4,750 deals, investors exchanged 211,614,490 shares valued at N2.365billion.

At the close of trading session on Thursday, the Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation decreased further to 52,411.09 points and N28.255trillion respectively as against preceding day high of
52,775.4 points and N28.451trillion.