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Nigeria: Nigerian Stocks End Two-Day Rally With N66bn Loss

The benchmark index fell to 40,095.49 points while market capitalisation contracted to N20.978 trillion at the end of trade.

Nigerian stocks ended their short-lived rally Thursday with an 0.31 per cent decline, as bank equities led a N66 billion drawback that obliterated the feeble gains reported on Tuesday and Wednesday.

The benchmark index fell to 40,095.49 points while market capitalisation contracted to N20.978 trillion at the end of trade.

Nigerian Breweries joined big lenders Zenith, UBA, Access as well as investment banking company United Capital in the biggest losses.

The banking index, worst hit by the depreciation, went down 1.44 per cent to 384.62 points.

Market breadth was positive with 26 gainers emerging against 14 losers.

Year to date, the index is down by 0.44 per cent.

TOP FIVE GAINERS

Chams led the flock of gainers, appreciating by 9.09 per cent to close at N0.24. Royal Exchange added 8 per cent to end today’s trade at N0.27.

Wema went up by 7.69 per cent to N0.70, following a 14.8 per cent revenue drop in its 2020 financials that also saw profit decline, in this case marginally by 2.7 per cent.

Red Star Express rose to N3.30, notching up 5.77 per cent in the process. Prestige completed the top five, climbing by 4.55 per cent to N0.46.

TOP FIVE LOSERS

Lasaco was the worst performing stock, declining by 9.68 per cent to close at N1.12. Fidson fell to N4.90, losing 8.41 per cent. ETI dipped to N5.20, recording 6.31 per cent depreciation. Mutual Benefit shed 5.13 per cent to close at N0.37. UACN closed at N7.55, going down by 5.03 per cent.

TOP FIVE TRADES

In all, 326.042 million shares estimated at N3.713 billion were traded in 4,567 deals.

Transcorp was the most active stock with 48.439 million units of its stocks worth N43.727 million traded in 136 deals. 33.887 million units of Dangote Sugar shares priced at N611.834 million exchanged hands in 253 transactions.

UBA traded 27.468 million shares estimated at N229.570 million in 226 transactions. Zenith Bank traded 24.566 million shares valued at N637.594 million in 566 deals. United Capital had 19.239 million shares valued at N118.035 million traded in 267 deals.