Nigerian stocks weakened 0.12 per cent on Monday as the pessimism that marked the previous trading session impelled investors to offer huge volumes of shares for sale. GTCO, Nigeria’s biggest bank by market capitalisation, and cement-maker Lafarge WAPCO were at the forefront of retreat, with the industrial index contributing most to the downtrend at sector level.
As the deadline for release of banks’ earnings reports draw near, investors will be on the lookout for results of the Big 5 banks, hoping strong performances from them will turn around the fortune of the bourse. Access Bank, Nigeria’s biggest bank by asset, said last week its half-year financials would miss the August ending due date but would be published by the second week of September.
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.
Market breadth, which weighs the level of investors sentiment, was positive as 20 gainers emerged against 12 laggards.
The all-share index eased by 48.39 basis points to 39,434.69, while market capitalisation dipped to N20.5 trillion. The index has shed 2.08 per cent so far this year.
TOP FIVE GAINERS
FTN Cocoa led advancers, appreciating by 10 per cent to N0.44. Pharma Deko climbed up by 9.88 per cent to N1.89. Transcorp Hotel added up 9.69 per cent to end trade at N4.30. Courteville advanced by 9.68 per cent to N0.34. Learn Africa rose to N1.41, notching up 9.30 per cent.
TOP FIVE LOSERS
WAPCO topped the losers’ chart, declining by 5.29 per cent to close at N21.50. PZ went down by 5.75 per cent to end today’s trade at N4.17. Union Bank fell to N5.05, losing 3.81 per cent. Eterna slumped to N6.20, recording 2.36 per cent slip. FCMB closed at N3.02, going down by 2.27 per cent.
TOP FIVE TRADES
In all, 211.3 million shares valued at N2 billion were traded in 3,939 transactions.
Chams was the most active stock, with 48 million of its shares worth N10.6 million traded in 71 deals. GTCO saw 20.9 million units of its shares priced at N586.1 million exchanged hands in 294 transactions. Honeywell traded 14.6 million shares valued at N45.1 million in 246 deals. Courteville traded 4.3 million shares estimated at N4.631 million in 75 transactions. Wema transacted 10.3 million shares valued at N9 million in 106 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...