Nigerian equities market drops by N1.76trn on surge profit- taking in BUA Foods

The equities market section of the Nigerian Exchange Limited (NGX) on Wednesday depreciated by N1.76 trillion over investors profit taking in BUA Foods Plc and 27 others. 

As BUA Foods dropped by 10 per cent or N84.50 to close at N760.60  from N845.10, the market capitalisation  dipped by N1.76trillion or 1.1 to N157.494 trillion from N159.255 trillion it opened for trading.  

Also, the NGX All Share Index dipped by 2,756.48 basis points or 1.12 per cent to close at 243,967.09basis points from 246,723.57basis points when the equities market opened for trading.  

The equities market closing on Tuesday had dropped by N1.17 trillion by market capitalization   over losses in MTN Nigeria Communications (MTNN) Plc and 25 others. 

This means between Tuesday and Wednesday, the market capitalization  has depreciated by N2.93 trillion as investors trade the equities market with negative sentiment. 

Looking ahead, Cowry Assets Management Limited said, “the market is expected to gradually moderate into a bullish trend as investor sentiment continues to improve. However, persistent profit-taking activities may limit the pace of recovery and keep the market volatile in the near term.”