Nigerian stocks deepened loss by 0.72 per cent on Tuesday, heaping more pressure on a market that shed N37 billion at the previous session, with two of the most capitalised stocks on the exchange driving the retreat.
There were more investors willing to sell the shares of BUA Cement and Zenith Bank than those wanting to hold them, causing a significant drop in their prices and precipitating a general decline in stocks value by N203 billion.
The oil and gas index took the top spot in the pecking order of performance of the five sectorial indexes tracked by the bourse, climbing 0.26 per cent to 286.83 basis points on the strength of huge investors’ interest in the shares of energy firm Eterna.
Trade ended with a negative breadth as 23 losers emerged, compared with 16 losers.
The benchmark index dipped to 39,022.52 index points, while the market capitalisation fell to N20.339 trillion.
Year to date, the index is down by 3.1 per cent.
TOP FIVE GAINERS
ABC Transport led gainers, appreciating by 10 per cent to N0.44. The Initiates added 10 per cent to end today’s trade at N0.44. Eterna went up by 9.93 per cent to N7.97. Transcorp Hotel rose to N3.57, notching up 9.85 per cent. Eterna completed the top 5, climbing by 5.45 per cent to N0.58.
TOP FIVE LOSERS
Portland Paint declined by 9.85 per cent to close at N2.47. Champions Breweries shed 9.68 per cent to end today’s trade at N1.96. SCOA fell to N1.95, losing 9.30 per cent. Regal Insurance slumped to N0.34, recording 8.11 per cent depreciation. Sunu Assurance closed at N0.50, going down by 7.41.
TOP FIVE TRADES
In all, 204.647 million shares estimated at N1.840 billion were traded today in 3,940 deals.
Courtville was the most active stock with 27.122 million of its shares worth N5.465 million traded in 52 deals. Fidelity Bank saw 23.406 million units of its shares, which were priced at N54.207 million exchange hands in 184 transactions. Zenith Bank had 18.545 million shares valued at N435.532 million traded in 400 deals. Access Bank traded 11.499 million shares estimated at N94.606 million in 240 transactions. Transcorp traded 10.906 million shares valued at N9.598 million in 79 deals.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...