NGX ASI ends nearly flat as BUA Cement still weighs on market
The NGX ASI closed at 1,769.36 on July 20, up a marginal 0.009%, after a 1.14% weekly decline as of July 17, according to market data and an analyst report. The correction was led by BUA Cement, which dragged the market lower on July 17, according to The Guardian Nigeria News, while MarketForces Africa reported on July 19 that the stock was trading 40% below its 52-week high. Peoples Gazette Nigeria said on July 14 that profit-taking wiped NGN1 trillion off Nigerian equities, with PZ Cussons and BUA Cement among the main laggards. Banks provided support on July 20, with First HoldCo jumping 9.9% on NGN19.01 billion in turnover and FCMB gaining 6.4% over 5 days, according to analyst reports.
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