Sell pressure in BUA, GTBank forces N20bn market loss

Trading on the floor of the Nigerian Exchange Group resumed the week with losses due to sell pressure in BUA cement (-4.7%), Guaranty (-1.2%) and WAPCO (-1.2%) as the market capitalisation declined by N20.7 billion  to close at  N20.2 trillion.

The All-Share index fell 0.1% to 38,686.40 points while the Year to date loss worsened to -3.9%.

Trading activity was mixed as volume traded rose by 5.9% to 210.8m units while value traded fell by 5.7% to N1.5bn.

The most traded stocks by volume were FBNH (16.6m units), Wapic (16.5m units), and Chams (16.2m units) while Zenith (N365.9m), Seplat (N134.2m), and FBNH (N121.0m) led by value.

Across sectors, performance was bearish as five indices lost while one index gained.

The Oil & Gas index was a lone gainer, up 0.3% due to buying interest in Conoil (+9.6%) and Ardova (+2.7%).

Conversely, the Insurance and Banking indices fell by 1.9% and 0.9% respectively, following price depreciation in AIICO (-2.6%), Mansard (-1.1%), Guaranty (-1.2%), and FCMB (-4.6%).

Similarly, the Consumer and Industrial Goods indices declined by 9bps and 7bps respectively on the back of sell pressure in Unilever (-4.2%)  and Wapco (-1.2%). In the same vein, AFR-ICT index lost, down 1bp due to sell-offs in CWG (-9.8%).



More from author

Governor Ortom signs Benue’s amended grazing bill into law

Governor Samuel Ortom of Benue State on Thursday signed into law the Open Grazing Prohibition and Ranches Establishment Amendment Bill 2017. The bill was passed...

Abdusalami: Nigeria seems stuck politically

Former Military Head of State, Abdusalami Abubakar, has said it appears as if Nigeria has been stuck politically since 1960. Abdusalami, who ruled Nigeria between...

Jail attacks: Immigration Service, Civil Defence to help secure FCT Custodial Centres

Operatives of the Nigeria Immigration Service (NIS) and Nigeria Security and Civil Defence Corps (NSCDC) will now team up to provide security in custodial...

Security: IGP inaugurates SPU donated by Akwa Ibom gov’t

The Inspector-General of Police, Alkali Usman, on Wednesday inaugurated a Special Protection Unit Base 27, a Special Protection Unit Base of the Nigeria Police...