Nigerian Stocks Weaken As Investors Dump Consumer Goods, Bank Shares

Nigerian Stocks Weaken As Investors Dump Consumer Goods, Bank Shares

<i>The index has dwindled 2.53 per cent since January.</sub>

Nigeria’s benchmark index cringed by 0.02 per cent on Monday in full surrender of the little gain it gathered at the preceding session as the combined force of profit-taking actions in consumer goods stocks and the less-than-impressive financial report of Stanbic IBTC, Nigeria’s third-biggest bank by market value, cast gloom on trade.

The lender issued its half-year income statement on Monday but it was no cheering news for investors even though it was accompanied with a separate note promising shareholders a N1 dividend per share for that period. That development followed a tumble in its after-tax profit by as much as half.

"We expect the market to upturn the negative sentiment in the next trading session as the 365-Tenor yield rate dropped further to 6.87% in the fixed income market", analysts at broker Atlas Portfolios said.

The all-share inched down by 8.12 points to 39,252.89. Similarly, market capitalisation slipped to N20.5 trillion at the end of trade.

The index has dwindled 2.53 per cent since January.


Linkage Assurance led gainers, appreciating by 8.93 per cent to N0.61. FTN Cocoa added up 8.89 per cent to end trade at N0.49. Mutual Benefits went up by 7.14 per cent to N0.30. ETI rose to N5.50, notching up 5.77 per cent in the process. Universal Insurance completed the top 5, climbing by 5 per cent to N0.21.


GSK was the worst-performing stock, declining by 9.56 per cent to close at N6.15. Consolidated Hallmark shed 8.62 per cent to close at N0.53. Sovereign Trust fell to N0.24, losing 7.69 per cent. May & Baker dipped to N4.48, recording 6.67 per cent depreciation. UPL closed at N1.09, going down by 6.03 per cent.

Access Bank was the most active stock with 30.5 million units of its stocks worth N282.1 million traded in 353 deals. Mutual Benefits’s shares of 26.8 million units, priced at N8.004 million exchanged hands in 55 transactions. Sovereign Trust traded 21.4 million shares estimated at N5.1 million in 36 transactions. Universal Insurance traded 12.9 million shares valued at N2.6 million in 25 deals. <a target="_blank" href="">Honeywell</a> had 12.9 million shares valued at N48 million traded in 263 deals.

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