On Monday, Nigeria’s stocks fell 0.12% as investors took profits in newly admitted BUA Foods, which had gained over 59% until the end of last week.
All-share index levels dropped by 55.01 points to 44,399.66 index points, while market capitalization levels dropped to N23.9 trillion.
Since the beginning of the year, the index has declined by 3.94%. NGX Group and Transcorp also reported major losses on a day when trade volume dropped 47%
As investors continue to position themselves ahead of the dividend season, analysts expect the market to remain bullish despite profit-taking from high-performing stocks.
The BUA Foods earnings report for the nine months to September showed an after-tax profit of N16.6 billion, ahead of an analyst call on Tuesday.
Hence, the stock was trading well over its true value at the close of business on Monday with a price-to-earnings ratio of 67.2.
There were 22 laggards versus 16 gainers at the end of trade, indicating a negative market breadth.
Top 5 gainers
Among gainers, the Initiates appreciated by 10% to close at N0.44. Sunu Assurance rose by 9.68% to N0.34.
As a result, Eterna rose to N6, gaining 6.95%. Wapic gained 6.25% to end the day at N0.51. The top 5 was rounded out by Consolidated Hallmark, which gained 4.48% to N0.70.
Top 5 Losers
Veritas Kapital fell 8.70% to close at N0.21, while Mutual Benefits fell 7.41% to N0.25. Cornerstone lost 7.27% to N0.51.
The price of BUA Foods fell to N61.80, a decline of 6.36%. The price of Courtville fell by 5.41% to N0.35.