LunagisthubNigerian Stock Market Plummets: BUA Cement and Cadbury Lead Losses
The Nigerian stock market experienced a significant downturn on Wednesday, with the market capitalization of the Nigerian Exchange Limited dropping by N444.32 billion. This decline was largely driven by sell-offs in the stocks of BUA Cement, Cadbury, and Meyer, which fell by 4.76%, 9.92%, and 9.91%, respectively
Despite the overall decline, the market breadth closed positive, with 29 gainers emerging against 27 laggards. The benchmark index stood at 143,064.57 at the close of trading, representing a 0.48% decline. AIICO, NCR, and Ikeja Hotel led the gainers with 10.00%, 9.96%, and 9.41% increases, respectively
The sectoral performance was mixed, with the Insurance Index rising by 2.66%, followed by the Banking Index (+0.24%) and Oil & Gas (+0.17%). In contrast, the Industrial and Consumer Goods indices recorded losses of 2.03% and 1.33%, respectively.
Market activity improved, with total volume traded rising by 32.8% to 738.4 million units, while total value traded increased by 89.9% to N35.5 billion. Guaranty Trust Holding Company led both the volume and value charts with 134.1 million units traded and N11.6 billion in value
The Nigerian stock market’s decline was largely driven by sell-offs in key stocks. Investors will be watching closely for future market trends and sectoral performance.
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