Nigeria’s stock market opened the week on a disastrous note, but at the center of the meltdown was BUA Cement Plc, whose near 10% plunge ignited one of the most brutal selloffs seen in recent sessions.
The Nigerian Exchange (NGX) bled heavily, wiping out over ₦1.3 trillion in investor wealth as panic-driven dumping of shares led by BUA Cement dragged the entire market into a second straight bearish run.
By the close of trading, the NGX All-Share Index crashed by 2,049.65 points (-0.84%) to settle at 241,749.11, while market capitalisation nosedived by ₦1.315 trillion to ₦155.13 trillion a collapse many analysts directly link to the shockwaves from BUA Cement’s steep decline.
The Industrial Goods sector, heavily weighted by BUA Cement, took the hardest hit, plunging -3.28% as investors rapidly exited positions amid fears of overvaluation and aggressive profit-taking Market insiders say the scale of the selloff around the cement giant suggests deeper unease among institutional investors.
Despite the carnage, trading activity surged — a classic signal of market panic. Total volume jumped 18.64% to 523.54 million units, while trade value climbed 14.81% to ₦22.27 billion across 59,945 deals, indicating a rush to offload positions before further losses.
While FCMB Group led in traded volume and Seplat Energy dominated by value, the spotlight remained firmly on BUA Cement, whose sharp drop placed it among the worst-performing stocks of the day and amplified losses across key indices.
Even though a few stocks like NIDF and International Breweries posted gains, they were completely overshadowed by the overwhelming wave of declines. A total of 46 stocks closed in the red against just 19 gainers, underscoring the depth of the rout.
Other laggards, including PZ Cussons, Red Star Express, and C&I Leasing, posted steep losses, but none matched the market-moving impact of BUA Cement’s fall.
Across sectors, the damage was widespread: Insurance fell -2.18%, Banking dropped -1.44%, and Oil & Gas slipped -0.09%, leaving only Consumer Goods as the lone gainer with a marginal +0.59%.
With BUA Cement at the epicentre of the selloff, market watchers warn that investor confidence in heavyweight industrial stocks may be cracking a development that could trigger prolonged volatility if not quickly reversed.
For now, the message from the market is clear: when a giant like BUA Cement stumbles, the entire exchange feels the tremor.
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