BUA Cement Shares Drop 9.96% As NGX Investors Lose N226.5bn

Losses in BUA Cement have forced investors on the Nigerian Exchange Limited to lose N226.5bn on the first trading day of the month.

The Nigerian bourse saw a 0.8 per cent decline in all share index to 49,950.32 point as year to date return moderated to 16.9 per cent from 17.9 per cent held on July 29.

The market capitalisation shed N226.5bn to N26.9trn by the close of trade on Monday.

The bearish trend was due to the decline in the shares of BUA Cement which fell 9.96 per cent of its price to N62.40 from N69.30.

McNichols Plc lost 9.89 per cent of share value to settle at N0.82 from N0.91, while NEIMETH lost N0.15 to N1.40 from N1.55.

International Breweries also lost 6.54 per cent of its value from N5.35 to N5.

The Banking and Insurance indices were up 0.2 per cent and 0.1 per cent respectively, driven by price appreciation in Zenith Bank which rose 1.5 per cent; Unity Bank up by 9.3 per cent; Consolidated Hallmark Insurance Plc which rose 7.8 per cent and Regency Alliance Insurance Company Plc (8.3 per cent).

But the Industrial and Consumer Goods indices plunged 4.2 per cent and 0.1 per cent respectively, due t o sell pressure on BUA Cement, International Breweries and McNichols Plc.