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Nigeria: Nigerian Stocks – No Recovery As Investors Lose N426bn

nigeria nigerian stocks no recovery as investors lose n426bn
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The All Share Index slipped 1.96 per cent.

Nigerian stocks were down by 1.96 per cent or N425.919 billion on Wednesday, bringing the month to date loss close to N1 trillion as selling pressure weighed on a market beset by loss-making since February began.

Investors put up large volumes of shares in Fidson, CAP, Regal Insurance, Sovereign Trust Insurance and Sunu Assurance for sale, making them contribute the most to the downtrend.

A 3.70 per cent tumble in the Industrial Index to 1,963.12 index points also aided loss.

Market breadth was negative with 37 losers emerging against 13 gainers.

The All Share Index (ASI) slipped to 40,696.01 index points while market capitalisation tapered to N21.290 trillion at the end of trade.

Year to date, the index was up by 1.06 per cent.

TOP FIVE GAINERS

Niger Insurance led the flock of gainers, appreciating by 10% to close at N0.22. Champion Breweries added 9.82% to end today’s trade at N3.02. Wapic went up by 7.41% to N0.58. Academy rose to N0.35, notching up 6.06% in the process. Guinness completed the top 5, climbing by 4.83% to N20.60.

TOP FIVE LOSERS

Etranzact was the worst performing stock, declining by 10% to close at N2.25. CAP fell to N18, losing 10%. Fidson dipped to N5.40, recording 10% depreciation. Sunu Assurance shed 10% to close at N0.81. Sovereign Trust Insurance closed at N0.27, going down by 10%.

TOP FIVE TRADES

In all, 366.859 million shares estimated at N5.483 billion were traded in 5,718 deals.

Zenith was the most active stock with 43.742 million units of its stocks worth N1.103 billion traded in 527 deals. 40.029 million units of FBN Holdings shares priced at N289.261 million exchanged hands in 279 transactions. GTB traded 35.980 million shares estimated at N1.168 billion in 270 transactions.

Courteville traded 35.119 million shares valued at N7.024 million in 27 deals. Transcorp had 23.739 million shares valued at N23.228 million traded in 169 deals.