Nigerian stocks extend slide amid depressing volume

Nigerian stocks extend slide amid depressing volume

Nigerian stocks fell for the second day on Tuesday, with the main equity index contracting by 0.11 per cent and sell-off of some big bank stocks leading the market deeper into the negative territory.

Access Holdings, which completed a changeover to a holding company on Monday, Zenith Bank and International Breweries led the pullback, which happened against a background of a worsening investor’s apathy for stocks that caused a fall in transaction volume by as much as 40 per cent.

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“We expect to see continued profit-taking on positions that have appreciated while investors reduce market exposure as dividend season gradually draws to a close,” analysts at broker and investment bank United Capital said in its outlook note for this week seen by PREMIUM TIMES.

“We retain a preference for investors to continue to seek selling opportunities to reduce exposure to the domestic equities market,” they added.

Market breadth closed in the negative as 18 losers were recorded compared to 16 advancers. The rest 73 stocks participating in Tuesday trade recorded no movement.

The all-share index relinquished 50.05 basis points to close at 46,843.81, while market capitalisation closed lower at N25.2 trillion.

The index has been up by 9.7 per cent since the turn of the year. TOP FIVE GAINERS

PZ led gainers, appreciating by 9.80 per cent to close at N11.20. Japaul Gold rose to N0.34, notching up 9.68 per cent in the process. FCMB added 9.32 per cent to end trade at N3.40. Consolidated Hallmark went up by 4.92 per cent to N0.64. NPF Microfinance Bank completed the top 5, climbing by 3.81 per cent to N2.45. TOP FIVE LOSERS

International Breweries led losers, declining by 10 per cent to close at N4.50. Veritas Kapital shed 8.70 per cent to close at N0.21. FTN Cocoa fell to N0.33, losing 5.71 per cent. Fidelity Bank slumped to N3.12, recording 4.88 per cent depreciation. Chams closed at N0.20, going down by 4.76 per cent. TOP FIVE TRADES
In all, 214.3 million shares estimated at N1.8 billion were traded in 4,125 deals.Chams was the most active stock with 30.4 million units of its shares worth N6.1 million traded in 21 deals. Access Holdings traded 30.3 million shares priced at N305.5 million exchanged hands in 441 transactions.Transcorp had 20.5 million […]

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