Nigerian stocks halt short-lived rally as consumer goods shares lead retreat

Nigerian stocks inched down by 0.01 per cent on Thursday, partly surrendering parts of the paltry gain posted at Wednesday’s trade, as investors cringed mostly from consumer goods equities, stoking worries as to how soon the downturn in the market would end.

Greater volumes of shares in beer-maker Nigerian Breweries, UPDC, Vitafoam, GTCO and Dangote Cement were put up for sale than the size investors were willing to buy, putting a bourse that had reported four losses in its last five session under more strain.

However, market breadth, which measures the extent of investor confidence in the market, was positive pitting 18 advancing stocks against 16 laggards.

The benchmark index was down by 5.65 basis points to 37,866.90 points, while market capitalisation slipped to N19.729 trillion at the end of trade.

The index has shed 5.97 per cent since the turn of the year.

TOP FIVE GAINERS

Sovereign Trust led gainers, growing by 10 per cent to close at N0.33. FTN Cocoa gained 9.76 per cent to close at N0.45. CWG rose by 9.65 per cent to N1.25. AIICO leapt to N1.15, notching up 9.52 per cent in the process. Red Star Express completed the top 5, climbing up by 8.04 per cent to N3.36.

TOP FIVE LOSERS

Ikeja Hotel topped the losers’ table, declining by 9.29 per cent to close at N1.27. UPDC shrank by 9.09 per cent to end at N1.30. WAPIC tumbled to N0.54, losing 8.47 per cent. UPL dipped to N1.41, recording 7.24 per cent loss. Unity Bank closed at N0.59, going down by 6.35 per cent.

TOP FIVE TRADES

A total of 159.997 million shares worth N927.859 million were traded in 3,038 deals.

Sovereign Trust was the most preferred stock with 14.947 million of its shares worth N4.754 million traded in 26 deals. Fidelity had 13.481 million shares priced at N32.159 million exchanged hands in 124 transactions. Wapic had 11.956 million shares valued at N6.497 million traded in 40 deals. UPDC traded 11.245 million shares estimated at N15.263 million in 88 transactions. Courteville traded 9.810 million shares valued at N2.168 million in 13 deals.