Nigerian stocks fall to two-week low

Nigerian stocks diminished 0.36 per cent on Monday, extending their haul of consecutive losses to three, as traders and investors were more intent on selling shares than owning them.

The plunge cast a gloom on the possibility of equities posting consistent daily gains until the floodgate of earnings results, a key catalyst for price movement, is opened.

That was the bourse’s lowest level since June 29.

Tier 1 heavyweights Zenith and FBN Holdings steered the pullback alongside wireless operator MTNN as the proximity of earnings report failed to draw fresh capital to the market.

Market breadth, which weighs the level of investors’ confidence in the market, closed on a positive note as 16 gainers emerged compared to 13 losers.

The all-share index expanded 136.30 points to 37,857.89, while market capitalisation closed at N19.725 trillion.

Year to date, the index is down 5.99 per cent.

TOP FIVE GAINERS

Tripple Gee led the gainers’ chart, appreciating by 9.89 per cent to close at N1. Regal Insurance went up by 8.89 per cent to N0.49. UPDC rose to N1.30, notching up 7.44 per cent in the process.

FTN added 5.88 per cent to end today’s trade at N0.36. Mutual Benefit completed the top 5, climbing by 5 per cent to N0.42.

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TOP FIVE LOSERS

CWG was the worst performing stock, declining by 9.52 per cent to close at N1.14. International Breweries shed 5.66 per cent to close at N5. Champion Breweries fell to N2.10, losing 3.23 per cent. FBN Holdings dipped to N7.50, recording 2.60 per cent depreciation. Mansard closed at N0.87, going down by 2.25 per cent.

TOP FIVE TRADES

In all, 187.244 million shares estimated at N2.890 billion were traded in 4,017 deals.

Zenith was the most active stock with 35.319 million units of its shares worth N870.866 million traded in 473 deals.

Sovereign Trust shares of 14.155 million units, priced at N3.946 million, exchanged hands in 25 transactions. UBA had 14.110 million shares valued at N106.098 million traded in 192 deals.

Mutual Benefits traded 13.544 million shares estimated at N15.566 million in 26 transactions. Transcorp traded 11.466 million shares valued at N1.042 million in 76 deals.