Nigerian stocks Thursday reported their first retreat since Friday, a 0.32 per cent pullback that clearly erased the feeble progress made at last trading session, and that happened as investors’ apathy saw further depth, with trading volume contracting by as much as 32.4 per cent.
Despite a broadly impressive earnings season, marked by several strong mid-year corporate earnings as well as a couple of dividend announcements, the outset of the year’s second half at the market has not been particularly auspicious, with the loss incurred by stocks so far this year now standing at N840 billion.
The major redeeming feature in the short time will likely rest on the anticipated half-year earnings releases of the Big Five banks – GTCO, Zenith, UBA, Access and FBN Holdings – if they turn out to be stronger.
Market breadth, which weighs the sentiment of investors towards trade, was positive regardless as there were 18 gainers compared to 16 laggards.
The all-share index dwindled 126.32 points to 38,801.51 points, while market capitalisation closed lower at N20.3 trillion.
Year to date, the index is down by 3.65 per cent.
TOP FIVE GAINERS
Conoil led gainers, appreciating by 10 per cent to close at N20.35. Consolidated Hallmark went up 8.93 per cent to N0.61. Sovereign Trust rose to N0.28, notching up 7.68 per cent in the process. Regal Insurance added 7.14 per cent to end trade at N0.45. Mutual Benefits completed the top 5, climbing by 5.56 per cent to N0.38.
TOP FIVE LOSERS
Ardova was the worst performing stock, declining by 6.25 per cent to close at N15. Veritas Kapital shed 4 per cent to close at N0.24. AIICO fell to N0.95, losing 2.06 per cent. WAPIC dipped to N0.51, recording 1.92 per cent depreciation. Japaul Gold closed at N0.51, going down by 1.92 per cent.
TOP FIVE TRADES
A total of 139.8 million shares estimated at N1.4 billion were traded today in 3.655 deals.
Unity was the most active stock, with 16.433 million units of its shares worth N123.5 million traded in 165 deals. GTCO had 13.005 million shares, priced at N364.9 million exchange hands in 450 transactions. Zenith traded 11.9 million shares valued at N291.6 billion in 276 deals. Wema traded 9.6 million shares estimated at N8.5 million in 44 transactions. AIICO traded 9.4 million shares valued at N8.846 million in 63 deals.
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