BUA Foods, others cause market’s negative start to new week

Nigeria’s equities market opened a new week on a negative note as investors on Monday moved to take profit in newly listed BUA Foods Plc which has been driving rally on the Bourse lately.

The market decreased by 0.12 percent or N30billion, pushing the year-to-date (YtD) positive return lower to + 3.94percent. At the close of the week’s trading session on Monday January 17, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) decreased from preceding day’s 44,454.67 points to 44,399.66 points while the value of listed stocks on the Nigerian Bourse decreased from N23.951trillion to N23.921trillion.

United Capital Plc had ahead of market close expected it to sustain its bullish momentum, saying investors will continue to position themselves ahead of the dividend season amidst profit-taking activities off high-performing stocks.

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In 4,410 deals, investors exchanged 214,315,212 units valued at N2.688billion. Transcorp, FBN Holdings, GTCO, Zenith Bank and Fidelity Bank were most traded stocks on the Nigerian Exchange.

BUA Food led the league of laggards on the Nigerian Exchange Limited (NGX) after its share price decreased from day open high of N66 to N61.80, shedding N4.20 or 6.36percent. Other top decliners are: Mutual Benefit Plc which decreased from 27kobo to 25kobo, down by 2kobo or 7.41percent, and Cornerstone which dropped from 55kobo to 51kobo, losing 4kobo or 7.27percent.

To commemorate the listing of BUA Foods Plc on NGX Main Board, Abdul Samad Rabiu, Chairman BUA Foods Plc, in the company of the Acting Managing Director, BUA Foods Plc, Ayodele Abioye, and other Executive and Non-Executive members of BUA Foods Plc, will address on Tuesday January 18 address market stakeholders with a Facts Behind the Listing presentation and they will be honoured with a Closing Gong ceremony.

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