Nigerian stocks extend slide in depressed trading led by large-cap banks

3 weeks ago 17

Nigerian stocks added more loss Thursday as the benchmark index tapered by 0.36 per cent, a retreat set off by a decline of as much as two-fifths in the size of trade.

GTCO and Zenith, Nigeria’s two biggest lenders by market capitalisation, accounted most for the drop as investors were more willing to part with their shares than hold them.

That made the banking index the runt of the litter of the five sector indices tracked by the Nigerian Exchange, considering that recorded the steepest drop of 0.95 per cent.

But the broad market is still on track for a positive return this week given that the combined gains recorded on Monday and Tuesday still outweighs all other losses so far recorded put together.

Market breadth, which measures investors’ sentiment to trade, was negative as 21 losers emerged as against 11 gainers.

The all-share index fell by 158.02 points to 43,549.28, while market capitalisation closed lower at N22.73 trillion.

From the start of year till now, the index is up 8.14 per cent.


Unity Bank led gainers, appreciating by 7.27 per cent to close at N0.59. FTN Cocoa rose to N0.42, notching up 5 per cent in the process. Universal Insurance added 4.76 per cent to end trade at N0.22. UPDC went up by 2.42 per cent to N1.69. Japaul completed the top 5, climbing by 2.33 per cent to N0.44.


Cornerstone led losers, declining by 8.77 per cent to close at N0.52. Cutix shed 8.06 per cent to close at N5.70. ETranzact fell to N1.90, losing 7.32 per cent. Regal Insurance slumped to N0.38, recording 7.32 per cent depreciation. Lasaco closed at N1.06, going down by 5.36 per cent.


Altogether, 161.3 million shares estimated at N2.1 billion were traded in 3,574 deals.

FBN Holdings was the most active stock with 28.2 million units of its shares worth N322.1 million traded in 256 deals. Transcorp traded 23.5 million shares priced at N23.5 million exchanged hands in 103 transactions. Zenith had 12.5 million shares valued at N301.2 million traded in 354 deals. Access traded 9.3 million shares estimated at N87 million in 122 transactions. Sterling Bank traded 8.3 million shares valued at N12.5 million in 41 deals.

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