Nigerian stocks halt gains on sell pressure on GTCO, Oando shares

Nigerian stocks halt gains on sell pressure on GTCO, Oando shares

Nigerian stocks fell a little on Thursday, trading down 0.02 per cent as sell-offs in the shares of GTCO and Oando helped set in motion a loss in the sum of N4 billion.

The development followed two straight days of gain by the bourse, which has now fallen by 5.89 per cent so far this year.

There were 20 gainers compared to 16 losers, which made the market record a positive breadth.

The all-share index slipped to 37,898.56, while market capitalisation dipped to N19.756 trillion at the end of trade.


Tripple Gee led gainers, appreciating by 10 per cent to N0.77. Ikeja Hotel added 9.77 per cent to close at N1.46. CWG went up by 9.57 per cent to N1.26. Learn Africa rose to N1.15, notching up 9.52 per cent in the process. Wema completed the top 5, climbing up by 9.52 per cent to N0.69.


Royal Exchange topped the losers’ chart, declining by 9.84 per cent to close at N0.55. Oando shed 8.51 per cent to end trade at N3.01. Mutual Benefits fell to N0.40, losing 6.98 per cent in the process. Regal Insurance slumped to N0.43, recording 6.52 per cent depreciation. McNichols closed at N0.77, going down by 3.75 per cent.


A total 205.450 million shares estimated at N2.732 billion were traded in 3,563 deals.

GTCO was the most active stock with 41.836 million units of its shares worth N1.251 billion traded in 233 deals. Mutual Benefits transacted 14.675 million shares priced at N5.889 million in 44 transactions. Wema had 13.182 million shares valued at N8.319 million traded in 76 deals. Courteville traded 12.116 million shares estimated at N2.553 million in 15 transactions. Zenith traded 9.823 million shares valued at N233.786 million in 261 deals.

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