Posted on

Nigeria: NSE – Nigerian Stocks Down By 0.05% Amid Bank Stocks Sell-Off

The all-share shrank by 17.90 points to close at 38,704.97.

Nigerian stocks eased by 0.05 per cent on Tuesday as sell-off in bank stocks led by Zenith Bank and Lome-based Ecobank Transnational Incorporated mounted pressure on the benchmark index.

The Central Bank of Nigeria on the same day held the benchmark rate at 11.5 per cent, in a bid to ensure a balance between checking rising inflation and aiming for growth for an economy that managed to creep out of recession last quarter.

The bank also retained other parameters as it did in February.

The bank index was the day’s worst performer of the five sectorial indexes monitored by the bourse, declining by 0.65 per cent to close at 358.78 points.

A positive market breadth posted as there were 19 losers against 20 gainers. The all-share shrank by 17.90 points to close at 38,704.97, while market capitalisation closed lower at N20.251 trillion.

Year to date, the index is down by 3.89 per cent.

TOP 5 GAINERS

Wapic led the gainers’ chart, appreciating by 10 per cent to close at N0.55. CAP went up by 10 per cent to N22. NPF Microfinance Bank rose to N1.77, notching up 9.94 per cent. Julius Berger added 9.89 per cent to end the trade at N20.55. FTN Cocoa completed the top 5, climbing by 9.30 per cent to N0.47.

TOP 5 LOSERS

Livestock was the worst performing stock, declining by 9.52 per cent to close at N1.90. Chams shed 8.70 to close at N0.21. Cornerstone fell to N0.56, losing 6.67 per cent. Champion Breweries slumped to N2.10, recording 6.25 per cent depreciation. ETI closed at N4.80, going down by 5.88 per cent.

TOP 5 TRADES

410.386 million shares estimated at N5.985 billion were traded in 3,937 deals.

Dangote Sugar was the most active stock for the second day running with 107.078 million units of its stocks worth N1.804 billion traded in 148 deals.

Also, 78.542 million units of Union Bank shares priced at N416.270 million exchanged hands in 37 transactions. Transcorp had 31.569 million shares valued at N25.259 million traded in 143 deals.

GTB traded 26.829 million shares estimated at N832.283 million in 264 transactions. Custodian traded 24.732 million shares valued at N148.685 million in 44 deals.