BusinessDay

Seplat, BUA Foods, others cause market’s new low

...as investors ignore bargain opportunities

Nigeria’s equities market furthered its losing streak on Tuesday by 1.58 percent as more investors chose to sell down their holdings despite bargain hunting opportunities across key sectors on the Bourse.

Topmost on the sell side of the Bourse are stocks like Seplat Energy Plc, BUA Foods Plc, Northern Nigeria Flour Mills Plc, Eterna Plc and Nahco Plc.

The share price of Seplat Energy Plc recorded the highest decline from N1419.90 to N1300, losing N119.90 or 8.44percent.

BUA Foods Plc also made the top laggards list after its share price moved down from N59.95 to N54, losing N5.95 or 9.92percent.

Read also: Equities market closes further south

It was followed by Northern Nigeria Flour Mills Plc which decreased from N8.60 to N7.75, down by 85kobo or 9.88 percent.

The market which took off this week on a negative note saw its All-Share Index (ASI) and capitalisation decrease further from preceding day highs of 49,346.4 points and N26.615trillion respectively to 48,554.76 points and N26.188trillion.

Investors lost about N427billion at the close of trading session on Tuesday. The market’s positive return year-to-date (YtD) also decreased to 13.70percent.

In 3,533 deals, investors exchanged 204,153,067 shares valued at N3.183billion. Mutual Benefit, Zenith Bank, FBN Holdings, Access Holdings and UBA were top-5 traded stocks on the Nigerian Exchange Limited (NGX).

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