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₦491 Billion Gone! BUA Cement, Oando Among Worst Hit In Brutal NGX Weekly Rout!
The Nigerian stock market closed the week on a bearish note Friday, wiping out ₦491 billion in investor value.....KINDLY READ THE FULL STORY HERE▶
The Nigerian stock market ended the week on a bearish note, with market capitalisation falling by ₦491 billion or 0.64%, closing at ₦75.962 trillion compared to ₦76.453 trillion on Thursday.
Similarly, the All-Share Index (ASI) declined by 776.92 points, or 0.64%, dropping from 120,772.68 to 119,995.76.
The market downturn was largely triggered by sell-offs in key stocks such as Legend Internet, BUA Cement, FTN Cocoa Processor, Oando, and 28 others.
Market breadth was negative, with 32 stocks closing lower, while only 28 posted gains. Legend Internet led the laggards with a 9.98% dip to ₦8.03 per share, followed closely by BUA Cement, which fell 9.92% to ₦95.40. FTN Cocoa shed 9.76% to ₦3.33, Oando dropped 8.72% to ₦56.50, and McNichols declined 8.44% to ₦2.17 per share.
On the gainers’ chart, Neimeth Pharmaceuticals topped the list, rising by 10% to ₦5.94 per share. Learn Africa and Mecure each gained 9.91% to close at ₦5.10 and ₦12.20 respectively. Academy Press followed with a 9.44% increase to ₦5.10, while Smart Products Nigeria advanced 9.09% to close at ₦0.60 per share.
Trading activity also slowed down, as a total of 625.78 million shares worth ₦12.78 billion were exchanged in 21,800 deals. This was lower than the previous day’s 892.97 million shares valued at ₦18.23 billion across 25,375 deals.
Ja Paul Gold led trading with 88.26 million shares valued at ₦192.04 million. It was trailed by 80.04 million shares worth ₦555.75 million in separate trades. Access Corporation sold 56.02 million shares for ₦1.25 billion, Caverton followed with 53.98 million shares valued at ₦271.15 million, and Zenith Bank transacted 30.55 million shares worth ₦1.76 billion.
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