February 9, 2022

Stock Market Down N79bn on Profit-taking in BUA Food, Others

The stock market of the Nigerian Exchange Limited (NGX) yesterday sustained the down trend of prior day as profit-taking witnessed in BUA Foods Plc and 20 others caused a N79billion decline in the market capitalisation.

The overall market capitalisation value lost N79 billion to close at N25.357 trillion, while the NGX All-Share Index declined by 146.15 basis points or 0.31 per cent, to close at 47,057.24 basis points.

The stock market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Foods, MTN Nigeria Communications (MTNN), Unilever Nigeria, Fidson Healthcare and United Capital.

Market sentiment, as measured by market breadth, was negative, as 21 stocks lost, relative to 18 gainers.

Presco recorded the highest price gain of 10 per cent to close at N104.50, per share. NEM Insurance followed with a gain 9.97 per cent to close at N3.31, while Ikeja Hotel gained 9.77 per cent to close at N1.46, per share.

SUNU Assurance went up by 9.09 per cent to close at 36 kobo, while AIICO Insurance appreciated by 5.80 per cent to close at 73 kobo, per share.

On the other hand, Courteville Business Solutions led the losers’ chart by 7.27 per cent to close at 51 kobo, per share.

UACN Property Development Company (UPDC) followed with a decline of 5.66 per cent to close at N1.00, while University Press lost 5.41 per cent to close at N2.45, per share.

Unilever Nigeria lost 4.36 per cent to close at N13.15, while BUA Foods shed 4.04 per cent to close at N61.80, per share.

The total volume traded declined by 16.56 per cent to 238.216 million shares, worth N5.085 billion, and traded in 4,826 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 32.354 million shares valued at N887.764 million. Zenith Bank followed with 24.325 million shares worth N653.468 million, while Fidelity Bank traded 22.295 million shares valued at N63.932 million.

Transnational Corporation of Nigeria (Transcorp) traded 21.397 million shares valued at N24.845 million, while nigerian Exchange Group (NGXGroup) transacted 17.231 million shares worth N426.631 million.