BUA, Oando Face Massive Losses In Nigeria’s Stock Market Decline Of N36.3 Billion

BUA and Oando faced massive losses in Nigeria’s Stock Market decline of N36.3 billion.

 

NewsOnline Nigeria reports that in a surprising turn of events, Fidelity Bank emerged as a beacon of hope amidst a challenging day in Nigeria’s stock market.

 

This Nigeria News platform understands that on Friday, the Nigerian capital market experienced a 0.10 percent decline, resulting in a substantial drop in market capitalization, plummeting by N36.38 billion from N36.47 trillion to N36.33 trillion by the close of trading.

 

The All-Share Index mirrored this downturn, shedding 66.49 basis points to conclude at 66,382.14, a notable dip from the 66,448.63 ASI achieved just the day before.

 

Nevertheless, there were distinct winners and losers in this market fluctuation.

 

Consolidated Hallmark Insurance emerged as the top gainer, with its share price surging by N0.11 kobo, elevating it from N1.15 kobo to N1.26 kobo per share.

 

Similarly, CWG experienced a boost of N0.75 kobo, closing at N8.65 kobo, surpassing its opening price of N7.90 kobo per share. NXG Group followed suit, with its share price rising by N2, from N22.40 kobo to N24.40 kobo per share.

RT Briscoe recorded an impressive 8.89 percent increase in share price, moving from N0.45 kobo to N0.49 kobo per share. Beta Glass also made notable gains, with its share value rising by N4.70 kobo, closing at N60.90 kobo, up from N56.20 kobo per share.

 

However, on the flip side, BUA Cement faced a substantial setback, topping the losers’ table by shedding N9.50 kobo. Its share price dropped from N95 to N85.50 kobo per share. Tripple Gee’s share price also declined, falling by N0.24 kobo, ending trading at N2.17 kobo from N2.41 kobo per share.

 

Oando experienced a loss of N0.85 kobo, concluding trading at N7.85 kobo, down from N8.70 kobo per share. John Holt followed suit, losing N0.16 kobo, which led to a drop from N1.64 kobo to N1.48 kobo per share.

Cornerstone’s share price dropped from N1.78 kobo to N1.61 kobo per share after losing N0.17 kobo during trading.

 

Interestingly, Fidelity Bank stood out as a bright spot in the day’s trading activities, leading in both the volume and value of shares traded. The bank recorded a remarkable 48.59 million shares valued at N393.88 million.

 

Universal Insurance was not far behind, with 28.11 million shares worth N6.18 million. Wema Bank sold 26.67 million shares valued at N122.67 million, Access Corporation traded 21.04 million shares valued at N331.68 million, and UBA sold 11.65 million shares valued at N191.29 million.