Nigerian Equity Market Suffers Another Blow: N730bn Lost In Two Days

ASI Dips By 0.66% As BUA Cement, Lafarge Drag NGX capitalisation To N259bn Loss

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The Nigerian Exchange Limited grappled with a turbulent start to the week as losses besieged several medium-cap equities, triggering a notable dip in the All-Share Index (ASI) by 0.66% and market capitalization by N259 billion on Monday.

A predominant loser, BUA Cement spearheaded the downfall, witnessing a 10% decline in share value, closing at N93.60 from N104. Joining the slip were Dangote Sugar, Lafarge, Oando Plc, Fidson, NGX Group, Zenith Bank, and United Bank for Africa, marking an overall downturn of 0.66% that plummeted the market capitalization to N38.823 trillion.

The slide in equities was a striking contrast to the positive market sentiments, showcasing 33 gainers against 26 losers. Thomas Wyatt emerged as the leader among gainers, scaling a 10% surge, closely trailed by First Bank of Nigeria Holdings, Daar Communications, DEAP Cap, and Neimeth, witnessing significant upticks.

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Contrarily, McNichols, BUA Cement, Computer Warehouse Group, Mutual Benefit, and UPDC faced steep losses, contributing to the day’s bearish undertone.

Transaction volume saw a minor decrease to 358.53 million units, valued at N7.10 billion, traded across 6,433 deals involving 121 stocks. Notably, Universal Insurance, Transnational Corporation, Airtel Africa, and GTCO played pivotal roles as volume and value drivers for the day.

While the Banking and Consumer Goods sectors managed to eke out minor gains, the Insurance, Oil/Gas, and Industrial Goods sectors faced downturns, with losses ranging from 0.01% to 4.21%.

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The day’s performance underscored the market’s sensitivity to both domestic and international factors, hinting at a delicate balancing act for investors navigating the Nigerian stock landscape amid evolving market dynamics.

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