Return on Nigerian stocks negative after bank shares sell-offs

Nigerian stocks racked up further loss Thursday as massive sell-offs in large and mid-cap stocks heaped greater pressure on the market, causing the benchmark index to plummet by 0.63 per cent and year-to-date return to slip to negative.

Depreciation in the shares of Zenith, GTB, Dangote Sugar, UBA and Access weighed the most on the market as Thursday’s slide came to N132.423 billion.

The Banking Index – the day’s worst performer of the five sectoral indices – contracted by 2.60 per cent to 372.85 index points.

A negative market breadth was recorded with 30 laggards emerging against 10 advancers. The All Share Index declined to 40,212.19 index points and market capitalisation to N21.037 trillion.

Year to date, the index was down by -0.15 per cent.

TOP FIVE GAINERS

RT Briscoe led gainers, appreciating by 10% to close at N0.22. Cornerstone went up 8.47% to N0.64. Royal Exchange rose to N0.27, notching up 8% in the process. NAHCO added 6.51% to end today’s trade at N2.29. Niger Insurance completed the top 5, climbing by 4.55% to N0.23.

TOP FIVE LOSERS

UPL was the worst-performing stock, declining by 9.09% to close at N1.20. Chams shed 8.33% to close at N0.22. UPDC REIT fell to N5.35, losing 7.76%. Multiverse slid to N0.24, recording 7.69% depreciation. Japaul closed at N0.68, going down by 5.56%.

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TOP FIVE TRADES

426.270 million shares estimated at N4.750 billion were traded in 4,972 deals.

FBN Holdings was the most active stock with 129.803 million units of its stocks worth N949.312 billion traded in 273 deals. 37.737 million units of Zenith’s shares priced at N912.014 million exchanged hands in 624 transactions. Dangote Sugar had 37.128 million shares valued at N688.391 million traded in 244 deals. GTB traded 35.428 million shares estimated at N1.079 billion in 531 transactions. Transcorp traded 28.854 million shares valued at N26.613 million in 146 deals.