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🇳🇬 Nigeria /Economy & Trade

Nigerian stocks fall N1.76tn as BUA Foods, banks drag market

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • The Nigerian stock market closed lower on Wednesday, with the All-Share Index falling to 243,967.09 points and market capitalization dropping by over N1.76 trillion.
  • Significant sell-offs in the consumer goods sector, particularly BUA Foods and Unilever Nigeria, along with declines in major banking stocks, contributed to the downturn.
  • Despite the broad market losses, some banking and insurance stocks, including Ecobank Transnational, Jaiz Bank, Wema Bank, International Energy Insurance, and Cornerstone Insurance, recorded gains.

The Nigerian equities market experienced significant volatility on Wednesday, ultimately closing in a downward trend. The benchmark All-Share Index declined to 243,967.09 points, and the overall market capitalization saw a substantial drop of over N1.76 trillion, settling at N157.49 trillion.

BUA Foods Plc, which suffered a maximum daily loss of 10.00 per cent to close at N760.60 per share, alongside Unilever Nigeria Plc, which dropped 9.97 per cent to end at N131.40 per share.

— The PunchDetailing the significant losses in the consumer goods sector.

Selling pressure was evident across most sectors, with the consumer goods sector facing considerable headwinds. BUA Foods Plc and Unilever Nigeria Plc were major drags, each experiencing a maximum daily loss of 10.00% and 9.97% respectively. The banking sector also succumbed to downward revaluation, with key institutions like Access Holdings Plc, United Bank for Africa Plc, Zenith Bank Plc, and Fidelity Bank Plc recording declines.

Access Holdings Plc, which fell 3.01 per cent to N27.40, and United Bank for Africa Plc, down 2.15 per cent to N45.45. Zenith Bank Plc recorded a 1.34 per cent drop to close at N124.80, while Fidelity Bank Plc shed 2.27 per cent to finish at N21.50 per share.

— The PunchListing declines in key commercial banking institutions.

However, the market was not without its bright spots. Ecobank Transnational Incorporated emerged as a top performer, surging 9.93%. Jaiz Bank Plc and Wema Bank Plc also showed positive momentum in the banking sector. The insurance sector demonstrated resilience, with International Energy Insurance Plc and Cornerstone Insurance Plc leading gains, alongside Veritas Kapital Assurance Plc and Sovereign Trust Insurance Plc. These gains offered a counterpoint to the broader market's retreat.

Ecobank Transnational Incorporated emerged as one of the top performers on the exchange, soaring 9.93 per cent to close at N71.40.

— The PunchHighlighting a top performer in the banking sector.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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