Nigerian stocks were down 0.06 per cent on Wednesday, partly beating back the rate at which the market declined at the previous session, although that was not significant in halting a free fall in equity value reaching back to April 26.
There is no definite end in view to a dramatic comeback in the near term for a market that has lost 5.06 per cent so far this year.
But the central bank’s resolution to hold benchmark lending rate for the fourth time on Tuesday holds some promise, meaning the pace recovery will, at best, be measured and steady.
Investors’ risk-off disposition to the shares of Flour Mills, Zenith and GTB contributed most to the slide.
Again, the banking index fell the most of the five sectorial indexes tracked by the bourse as it weakened by 0.44 per cent to 356.09 basis points.
A fall of 0.84% in the banking index to 388.08 index points also worsened losses.
The Nigerian Exchange posted a positive breadth as 20 gainers emerged against 14 losers.
The all-share index eased by 23.08 basis points to 38,233.68, and market capitalisation by N12 billion to N19.928 trillion.
TOP FIVE GAINERS
John Holt led advancers, appreciating by 9.68 per cent to N0.68. Vitafoam climbed up by 9.19 per cent to N10.10.
Lasaco added up 9.09 per cent to end trade at N1.56. C&I Leasing advanced by 8.52 per cent to N4.84. Learn Africa rose to N1.10, notching up 7.84 per cent.
TOP FIVE LOSERS
FTN Cocoa topped the losers’ chart, declining by 7.32 per cent to close at N0.38. NPF Microfinance went down by 5.62 per cent to end today’s trade at N1.68.
Flour Mills fell to N27.95, losing 5.25 per cent. Japaul Gold slumped to N0.56, recording 1.75 per cent slip. Wema closed at N0.57, going down by 1.72 per cent.
TOP FIVE TRADES
In all, 203.088 million shares valued at N1.816 billion were traded in 3,594 deals.
Fidelity was the most active stock, with 24.415 million of its shares worth N54.264 million traded in 129 deals.
Zenith saw 22.099 million units of its shares priced at N508.002 million exchanged hands in 354 transactions. Mutual Benefits traded 16.935 million shares valued at N6.919 million in 41 deals.
Sovereign Trust traded 16.862 million shares estimated at N4.631 million in 30 transactions. Transcorp transacted 13.832 million shares valued at N11.647 million in 74 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...