Stock Market Depreciate by 0.09% on Profit-taking in BUA Cement

Kayode Tokede  

The Nigerian stock  market closed lower yesterday  as mid-session profit taking in BUA Cement Plc wiped 0.09 per cent  off investors’ investments.

As BUA Cement dropped by 10 per cent, the Nigerian Exchange Limited  All-Share Index (NGX ASI) shed 221.14 basis points or 0.09 per cent to close at 242,145.61 basis points. Also, market capitalisation dipped by N32 billion to close at N 156.207 trillion.

Investor sentiment remained positive as 26 gainers outpaced 21 losers. First HoldCo emerged the highest price gainer of 9.96 per cent to close at N87.25, per share. McNichols followed with a gain of 8.00 per cent to close at N5.40, while United Ban for Africa (UBA) rose by 7.93 per cent to close at N44.25, per share.

Veritas Kapital Assurance increased by 6.85 per cent to close at N1.56, while Jaiz Bank appreciated by 4.07 per cent to close at N8.95, per share.

On the other side, Eunisell Interlinked led others on the losers’ chart with 10 per cent to close at N189.00, per share. BUA Cement followed with a decline of 9.99 per cent to close at N275.60, while CAP declined by 9.61 per cent to close at N142.45, per share.

Royal Exchange lost 9.55 per cent to close at N1.42, while Guinea Insurance depreciated by 5.38 per cent to close at 88 kobo, per share.

Meanwhile, the total volume traded declined by 10.0 per cent to 498.45 million units, valued at N34.87 billion, and exchanged in 39,484.00 deals. Transactions in the shares of Japaul Gold & Ventures led the activity with 77.658 million shares worth N231.525 million. Access Holdings followed with account of 41.161 million shares valued at N1.018 billion, while First HoldCo traded 38.800 million shares valued at N3.384 billion.

UBA traded 31.526 million shares worth N1.381 billion, while Fidelity Bank  traded 23.808 million shares worth N495.008 million.

Analysts noted that “the decline was driven by continued sell-pressure in Industrial stocks. Although buying interest remained evident in select banking stocks, it was insufficient to offset the weakness in large-cap industrial stocks. The session reflects investors’ continued cautious positioning amid mixed market sentiment.”

Looking ahead, Cowry Assets Management Limited said, the market is expected to rebound on the back of strategic portfolio rebalancing, though profit-taking in recently appreciated counters could temper the pace of any recovery.