Nigerian stocks declined by 0.26 per cent on Friday, forcing the benchmark index to its weakest level since the end of January and raising concerns about investors worsening disposition to equity investment, evident in the lower volume of transactions in recent times.
Vast sale orders for shares in TotalEnergies, Conoil, GTCO and Okomu Oil were way higher than the demand from those willing to buy them, which had dire implications for the broad index, which fell for the second time this week.
Market breadth, a barometer for measuring investors’ attitude to trade, was negative as 37 laggards were reported in contrast to 12 gainers.
The all-share index contracted by 122.6 points to close at 46,842.9, while market capitalisation closed at N25.5 trillion.
Year to date, the index is up by 9.7 per cent.
TOP FIVE GAINERS
NAHCO led the gainers’ chart, appreciating by 10 per cent to close at N4.29. Multiverse went up by 9.52 per cent to N0.23. Meyer rose to N0.72, notching up 9.09 per cent in the process. Fidelity Bank added 3.43 per cent to end trade at N7.19. Japaul Gold completed the top 5, climbing by 6.25 per cent to N0.34.
TOP FIVE LOSERS
Red Star Express was the worst performing stock, declining by 10 per cent to close at N2.70. Total shed 9.97 per cent to close at N238.50. Conoil fell to N22.25, losing 9.92 per cent. Cutix slumped to N2.05, recording 9.69 per cent decline. SCOA closed at N2.15, going down by 9.66 per cent.
TOP FIVE TRADES
Altogether, 257.3 million shares worth N2.9 billion were traded in 4,586 deals.
UBA was the most active stock with 48 million shares worth N369.7 million traded in 150 deals. Fidelity traded 46.5 million shares priced at N158.8 million in 337 transactions. Zenith had 24.2 million shares valued at N541.3 million traded in 396 deals. GTCO traded 14.5 million shares estimated at N317.3 million in 584 transactions. Access Holdings traded 13.8 million shares valued at N133.2 million in 207 deals.
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