Nigerian stocks fell for the fifth trading day on Tuesday as the main stock index shed 0.23 per cent, with consumer goods shares leading the pullback.
Investors dumped vast volumes of shares in Nestle, Nigerian Breweries and Flour Mills for sale, weighing on the broad performance in a trading session during which transaction volume surged by 159 per cent.
All the five sector indexes tracked by the bourse declined, while the NGX 30, the index that follows the progress of the top 30 companies on the exchange using metrics including liquidity and market capitalisation, cringed by 0.36 per cent.
Market breadth, a pointer to investors’ sentiment to trade, closed in the negative after 28 laggards emerged compared to 16 gainers.
“We expect to see investors continue to book profits on positions that have appreciated significantly in the past weeks,” said analysts at brokerage firm and investment bank United Bank in a forecast note for this week seen by PREMIUM TIMES.
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“Also, the outcome of corporate releases will be a significant determinant of investors’ sentiment in the coming week.”
The all-share index dropped 108.26 points to 47,154.35, while market capitalisation scaled down by N58.3 billion to N25.4 trillion.
The index is up by 10.4 per cent year to date.
TOP FIVE GAINERS
Niger Insurance led gainers, appreciating by 9.52 per cent to close at N0.23. Consolidated Hallmark grew by 8.47 per cent to end trade at N0.64. Cutix went up by 8.30 per cent to N2.48. NGX Group rose to N22.25, notching up 6.97 per cent in the process. UPDC traded up 5.56 per cent to N0.95.
TOP FIVE LOSERS
Jaiz Bank topped the losers’ chart, declining by 10 per cent to close at N0.72. Conoil shed 10 per cent to end trade at N23.85. UPL closed at N2.62, going down by 9.97 per cent.
NEM fell to N3.56, losing 9.87 per cent in the process. RT Briscoe slumped to N0.56, recording a 9.68 per cent depreciation.
TOP FIVE TRADES
Altogether, 754.9 million shares estimated at N3.6 billion were traded in 4,330 deals.
Unity Bank was the most active stock with 525.3 million of its shares worth N262.5 million traded in 30 deals. GTCO traded 29.4 million shares priced at N766.3 million in 308 transactions. UBA had 18 million shares valued at N151.2 million exchange hands in 276 deals. Zenith Bank traded 14.3 million shares estimated at N383 million in 310 transactions. Japaul Gold traded 13.2 million shares valued at N4.6 million in 51 deals.