NGX extends losing streak by N79bn

The Nigerian equities market on Tuesday extended bearish run on Tuesday as a result of profit taking in BUA Foods and 20 other stocks.

Specifically, the All-Share Index declined by 146.15 per cent or 0.31 per cent to close at 47,057.24 compared with 47,203.39 achieved on Monday.

Consequently, the month-to-date and year-to-date returns moderated to 0.9 per cent and 10.2 per cent, respectively.

Similarly, the market capitalisation inched lower by N79 billion or 0.31 per cent to close at N25.357 trillion from N25.436 trillion on Monday.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Foods, MTN Nigeria Communications (MTNN), Unilever, Fidson Healthcare and United Capital.

Market sentiment was negative with 21 laggards in relative to 18 gainers.

Courteville Business Solutions led the losers’ chart in percentage terms by 7.27 per cent to close at 51k per share.

UACN Property Development Company (UPDC) followed with a decline of 5.66 per cent to close at N1, while University Press lost 5.41 per cent to close at N2.45 per share.

Unilever Nigeria lost 4.36 per cent to close at N13.15, while BUA Foods shed 4.04 per cent to close at N61.80 per share.

Conversely, Presco drove the gainers’ chart in percentage terms by 10 per cent to close at N104.50 per share.

NEM Insurance followed with 9.97 per cent to close at N3.31, while Ikeja Hotel gained 9.77 per cent to close at N1.46 per share.

SUNU Assurances went up by 9.09 per cent to close at 36k, while AIICO Insurance appreciated by 5.80 per cent to close at 73k per share.

Also, the total volume shares traded declined by 16.56 per cent to 238.22 million shares worth N5.09 billion traded in 4,826 deals.

This was against a total of 285.48 million shares valued at N5.13 billion shares traded in 5,342 deals on Monday.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 32.354 million shares valued at N887.764 million.

Zenith Bank followed with 24.33 million shares worth N653.47 million, while Fidelity Bank traded 22.29 million shares valued at N63.93 million.

Transcorp traded 21.39 million shares valued at N24.85 million, while Nigerian Exchange Group (NGXGroup) transacted 17.23 million shares worth N426.63 million.