Sell-off: BUA Cement, others shares drop market capitalisation by N226bn

The equity market started the week and the month on a weak note due to sell-off in some largely capitalised, making capital capitalisation to drop by N226.45 billion.

The negative performance was driven by BUA Cement, Neimeith, Fidelity Bank, International Breweries, among others.

Consequently, the market capitalisation close at N26.936 trillion from the N27.163 recorded on Friday.

Also, the All-Share Index lost 0.83 per cent to close at 49,950.32 points compared to 49,667.14 recorded on Friday.

The year-to-date (YTD) return fell to 16.93 per cent.

Similarly, traded volume declined by 28 per cent with 176 million units traded and value traded fell 19 per cent to N2.2 billion.

However, market breath was  positive as 21 stocks gained and 14 declined.

Caverton Offshore Support Group and Courtville Business Solutions led the gainers’ chart in percentage terms by 10 per cent to close at N1.10  and 44k per share, respectively.

Champion Breweries followed with a gain of  9.59 per cent to close at  N4, while Unity Bank rose by 9.30 per cent to close at 47k per share.

Livestock also went up by 8.70 per cent each to close at N1.25.

On the other hand, Bua Cement led the losers’ chart in percentage terms by 9.96 per cent each to close at N62.40  per share.