Tuesday, 16th August 2022
<To guardian.ng
Search
Breaking News:

Stock market resumes August trading with N227b loss

By Helen Oji
02 August 2022   |   2:41 am
The Nigerian equities market reopened the month of August on a downward note, as sell-offs in BUA Cement, UACN 12 stocks dragged capitalisation by N227 billion.

Nigerian Exchange Limited (NGX). Photo/FACEBOOK/ ngxgroup

The Nigerian equities market reopened the month of August on a downward note, as sell-offs in BUA Cement, UACN 12 stocks dragged capitalisation by N227 billion.

Specifically, the All Share Index (ASI) decreased by 419.93 absolute points, representing a decline of 0.83 per cent to close at 49,950.32 points. Similarly, the market capitalisation lost N227 billion, and closed at N26.936 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; BUA Cement, UAC of Nigeria (UACN), International Breweries, May & Baker Nigeria and Neimeth International Pharmaceuticals.

GTI Securities Limited said: “equities market which closed trading activities yesterday were bearish due to sell-off in blue-chip stocks such as BUA Cement and 13 others. However, we expect slight recovery this week as investors continue to react to companies’ second quarter (Q2) performance release.”

But market breadth closed positive, with 21 gainers versus 14 losers. BUA Cement led the losers’ chart by 9.96 per cent to close at N62.40, per share. McNichols Plc followed with a decline of 9.89 per cent to close at 82 kobo, while Neimeth International Pharmaceuticals lost 9.68 per cent to close at N1.40, per share.

International Breweries depreciated by 6.54 per cent to close at N5.00, while May & Baker Nigeria declined by 6.42 per cent to close at N3.35, per share.

UACN lost 6.25 per cent to close at N10.50 kobo while NPF Microfinance Bank shed 5.71 per cent to close at N1.65 kobo.

Linkage Assurance depreciated by 5.56 per cent to close at 51 kobo. Sovereign Trust shed 3.85 per cent to close at 25 kobo. Sterling Bank dropped 3.23 per cent to close at N1.50 kobo. Fidelity Bank also depreciated by 1.89 per cent to close at N3.12 kobo.

On the other hand, Courteville Business Solutions and Caverton Offshore Support Group recorded the highest price gain of 10 per cent each to close at 44 kobo and N1.10 respectively, while Champion Breweries followed with a gain of 9.59 per cent to close at N4.00, per share.

Unity Bank went up by 9.30 per cent to close at 47 kobo, while Japaul Gold & Ventures and Livestock Feeds appreciated by 8.70 per cent each to close at 25 kobo and N1.25 respectively, per share.

Livestock appreciated by 8.70 per cent to close at N1.25 kobo. Living Trust added 8.33 per cent to close at N1.30 kobo. CHI garnered 7.81 per cent to close at 69 kobo. United Capital added 7.21 per cent to close at N11.90 kobo. Berger Paints also gained 5.65 per cent to close at N6.55 kobo.

Total volume traded depreciated by 30.90 per cent to 176.054 million shares, worth N2.271 billion, and traded in 4,965 deals. Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 21.371 million shares valued at N426.795 million.

Zenith Bank followed with 20.446 million shares worth N429.283 million, while Access Holdings traded 16.785 million shares valued at N149.668 million.

FBN Holdings traded 14.313 million shares valued at N153.133 million, while Union Bank of Nigeria (UBN) sold 14.263 million shares worth N100.531 million.

In this article