Nigerian stocks managed to rise by just 0.03 per cent on Tuesday as the momentum of gain that began Friday further lost intensity, drawing the benchmark index close to the negative territory and forcing it to rely on small-cap equities for the marginal climb.
United Capital and Africa Prudential led the charge even though GTCO provided some support.
Shares in publisher Learn Africa saw huge buy pressure from investors after management said it plans to launch a rights issue and open mergers and acquisitions talks with a yet-to-be-named company, helping gains. The stock jumped to the top of the gainers’ table, following the news.
Market breadth, often used by market watchers to determine the level of investors’ sentiment towards trade, was positive with 29 gainers recorded relative to 18 losers.
The all-share index inched up 12.99 basis points to 47,246.90, while market capitalisation increased to N25.5 trillion.
Year to date, the index is up by 10.6 per cent.
TOP FIVE GAINERS
Learn Africa led gainers, appreciating by 10 per cent to close at N2.42. Niger Insurance grew by 10 per cent to end trade at N0.22. SCOA went up by 9.79 per cent to N2.58. Cutix rose to N2.84, notching up 9.65 per cent in the process. May & Baker climbed up by 9.65 per cent to N5.
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TOP FIVE LOSERS
Ellah Lakes topped the losers’ chart declining by 9.88 per cent to N3.83. Veritas Kapital shed 8 per cent to end trade at N0.23. Courteville fell to N0.51, losing 5.56 per cent in the process. Guinness dipped to N70.05, recording 5.34 per cent depreciation. Neimeth closed at N1.80, going down by 4.76 per cent.
TOP FIVE TRADES
Altogether, 421.8 million shares estimated at N5.2 billion were traded in 5,992 deals.
United Capital was the most active stock trading 66.1 million shares worth N889.2 million traded in 857 deals. Transcorp’s shares of 53.5 million units priced at N66.3 million exchanged hands in 236 transactions. Zenith had 51.6 million shares valued at N1.4 billion traded in 307 deals. Fidelity traded 44.4 million shares estimated at N137.7 million in 192 transactions. Access Bank traded 26.8 million shares valued at N278 million in 201 deals.
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