BUA Cement, Dangote Cement, Geregu Power Lose 10% As Stock Market Closes Negative
- The Nigerian stock market crashed by 2.35% on Wednesday as heavy sell-offs in major stocks erased market value
- The decline was driven by profit-taking in industrial goods, banking, insurance, consumer goods, and oil & gas stocks
- BUA Cement, Dangote Cement, and Geregu Power were among the biggest losers, while First Holdco led trading activity
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market extended its decline on Wednesday, falling by 2.35% as major equities suffered heavy sell-offs amid profit-taking by investors.
The downturn was driven by losses in bellwether stocks, including BUA Cement, Dangote Cement, and Geregu Power, which each dropped by 10.00% to close at N340.20, N963.00, and N917.40, respectively.
Source: Getty Images
Snapshot of market activities
At the close of trading, the market recorded 10 gainers and 21 losers as bearish sentiment dominated the market.
The market’s decline was reflected in the NGX All-Share Index (ASI), which dropped by 5,668.65 points to 235,074.54 points from 240,743.19 points.
Market capitalisation also declined by N3.637 trillion, falling from N154.484 trillion to N150.847 trillion.
Trading activity also weakened during the session, with 488.1 million shares worth N20.9 billion exchanged in 46,239 deals.
This compared with 564.9 million shares valued at N39.4 billion traded in 49,230 deals on Tuesday, representing declines of 13.60% in volume, 46.95% in value, and 6.08% in the number of deals.
Sector performance
All major sectors closed in negative territory as investors continued profit-taking.
- The NGX Industrial Goods Index recorded the biggest decline, dropping by 8.31% due to losses in cement stocks.
- The Insurance Index fell by 0.97%.
- The Banking Index declined by 0.71%.
- The Consumer Goods Index shed 0.29%.
- The Oil & Gas Index weakened by 0.11%.
Top losers
- BUA Cement declined by 10.00% to N340.20.
- Dangote Cement dropped by 10.00% to N963.00.
- Geregu Power fell by 10.00% to N917.40.
- Custodian Investment decreased by 9.97% to N73.15.
- Academy Press declined by 9.88% to N28.12.
Top gainers
- SAHCO gained 9.92% to close at N171.20.
- International Energy Insurance rose by 9.66% to N6.70.
- Tantalizers increased by 6.98% to N4.60.
- Omatek added 5.70% to settle at N2.04.
- AIICO Insurance advanced by 5.19% to N4.26.
Source: Facebook
Most active stocks
- First Holdco led market activity, trading 57.4 million shares valued at N3.5 billion.
- Chams exchanged 42.3 million shares worth N166.9 million.
- Access Holdings traded 36.1 million shares valued at N831.1 million.
- Linkage Assurance recorded 32.0 million shares worth N49.4 million.
- Sterling Financial Holdings Company traded 29.4 million shares valued at N224.8 million.
5 steps to buy Dangote refinery shares
Earlier, Legit.ng provided a detailed breakdown of how any Nigerian can position ahead of the Initial Public Offering (IPO) of the Dangote Group’s refinery.
Otedola revealed his intention to invest up to $100 million in the refinery through private placement prior to the public offering.
Aliko Dangote suggests that the listing is expected to launch in September 2026.
Source: Legit.ng
