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%.

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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%).