Nigerian stocks cringed by 0.03 per cent on Wednesday, partially surrendering the little gain garnered at the preceding trading session, with investors’ appetite for equities staying muted even as the half-year earnings release deadline hurries near.
Bank stocks led by GTCO and Zenith drove the pullback, the day’s loss coming to N6 billion.
Market breadth, an indicator of investor sentiment in the bourse, closed on a negative note, with 20 laggards recorded relative to 17 advancers.
The GDP data of Africa’s largest economy for the three months to June is due Thursday, and that will likely lift sentiment in stocks if they turn out to be positive.
“We estimate a growth rate of 2.6 per cent,” analysts at Lagos-based Financial Derivatives Company said in a forecast.
The all-share index slid 10.68 points to at 39,450 while market capitalisation scaled down to N20.6 trillion.
The index is down by 2.04 per cent year to date.
TOP FIVE GAINERS
Capital Hotel led gainers, appreciating by 9.38 per cent to close at N1.40. Eterna rose 10 per cent to N6.82, following news of planned takeover of 61 per cent of its shares by a new majority investor. Morison grew by 9.74 per cent to end trade at N1.69. Transcorp Hotel went up 9.30 per cent to N4.70. UPDC traded up 9.22 per cent to N1.54.
TOP FIVE LOSERS
Academy Press declining by 9.76 per cent to close at N0.37. Eterna shed 9.52 per cent to end trade at N1.71. Mutual Benefits fell to N0.32, losing 8.57 per cent in the process. ABC Transport slumped to N0.36, recording 7.69 per cent depreciation. Unity Bank closed at N0.56, going down by 6.67 per cent.
TOP FIVE TRADES
Altogether, 198.3 million shares estimated at N1.1 billion were traded in 3,336 deals.
Sovereign Trust was the most active stock with 48.4 million of its shares worth N11.2 million traded in 70 deals. Mutual Benefits traded 27.1 million shares priced at N8.7 million in 48 transactions. Jaiz Bank had 10.9 million shares valued at N6.8 million exchange hands in 43 deals. Regal Insurance traded 9million shares estimated at N3.9 million in 31 transactions. Transcorp traded 6.9 million shares valued at N6.6 million in 58 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...