Nigerian stocks decelerated for the first time in five days on Wednesday as the main equity index retreated by 0.26 per cent, bucking a flurry of dominantly impressive corporate results that were issued over the past few days and somehow testing the limit to which shares can rise even when fundamentals like financial performance are right.
The slump points to market correction as the top three stocks on the losers’ table featured among those that have recently garnered appreciable gains, a reflection of investors’ preference for cashing in on small gains rather than ploughing more money into stocks.
NGX Group was the pivot of the slide, assisted by United Capital, Dangote Sugar and International Breweries. Aiding the loss, the NGX Banking Index tumbled by 1.32 per cent, signalling the most abysmal performance of the five sector indexes tracked by the bourse.
Market breadth, which measures the extent of investors’ sentiment towards trade, was negative, with 34 losers emerging against 15 laggards.
The all-share index fell 121.94 basis points to 47,360.79. In the same vein, market capitalisation dropped to N25.5 trillion.
Year to date, the index is up by 10.9 per cent.
TOP FIVE GAINERS
Royal Exchange led gainers, growing by 10 per cent to close at N1.65. Seplat gained 9.33 per cent to close at N1,034. Multiverse rose by 9.09 per cent to N0.24. NEM leapt to N4.14, notching up 8.38 per cent in the process. FCMB completed the top 5, climbing up by 8.12 per cent to N3.46.
TOP FIVE LOSERS
Niger Insurance declined 10 per cent to N0.27. International Breweries shrank by 9.73 per cent to end the day at N5.10. RT Briscoe fell to N0.70, losing 9.09 per cent. RT Briscoe dipped to N23.10, recording 8.70 per cent loss. Cornerstone Insurance closed at N0.64, going down by 8.57 per cent.
TOP FIVE TRADES
A total of 280 million shares worth N4.2 billion were traded in 5,620 deals.
Transcorp was the most preferred stock with 29.2 million units of its shares worth N32.6 million traded in 182 deals. United Capital had 28.3 million units of its shares priced at N374.2 million exchanged hands in 571 transactions. Access had 17.7 million shares valued at N181.5 million traded in 192 deals. Zenith traded 17.5 million shares estimated at N470.7 million in 410 transactions. FCMB traded 17.4 million shares valued at N57.6 million in 156 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 place an advert here . Call Willie - +2348098788999
![Rivers United [PHOTO CREDIT: @RiversUnitedFC]](https://i1.wp.com/media.premiumtimesng.com/wp-content/files/2021/01/Esai85BW4AAurcU.jpg?resize=75%2C75&ssl=1)
JOIN THE CONVERSATION