Nigerian stocks contracted by 0.29 per cent or N83.2 billion on Monday, its first drop since Tuesday, as investors reacted to the cost of living report for April.
The country’s inflation for last month accelerated to an eight-month high of 16.8 per cent on the back of soaring costs of gas and food items like bread and cereals, the statistics office said in a report on Monday, a development that roiled the market, forcing investors to take profit.
The retreat was led by cement-maker WAPCO, International Breweries and MTNN, while the Consumer Goods Index posted the worst performance of the five sector indexes tracked by the bourse.
“Going into activities for this week, we expect profit-taking in some names on the back of generally strong market performance in the previous weeks,” analysts at brokerage firm ARM Securities said in an outlook note seen by PREMIUM TIMES.
However, market breadth was positive as 27 gainers emerged compared to 21 laggards.
The all-share index was down by 153.8 basis points at 52,944.7. Similarly, market capitalisation depreciated to N28.5 trillion
The index has been up by 23.9 per cent since the year started.
TOP FIVE GAINERS
McNichols grew by 9.70 per cent to N1.47. NNFM gained 9.55 per cent to close at N10.90. Transcorp rose by 8.53 per cent to N1.40.
Wapic leapt to N0.45, notching up 7.14 per cent in the process. Regal Insurance completed the top 5, climbing up by 6.90 per cent to N0.31.
TOP FIVE LOSERS
Champion Breweries declined 9.84 per cent to N3.94. GSK fell to N7.15, losing 9.49 per cent. International Breweries dipped to N8, recording 9.09 per cent loss.
Neimeth closed at N1.76, going down by 8.33 per cent. WAPCO shrank by 8.28 per cent to end the day at N28.80.
TOP FIVE TRADES
A total of 374.2 million shares worth N5 billion were traded in 6,854 deals.
Transcorp was the most preferred stock today with 88.6 million units of its shares worth N119 million traded in 305 deals. Jaiz had 87.4 million units of its shares priced at N77.9 million exchanged hands in 90 transactions.
Access Holdings had 28.8 million shares valued at N278.6 million traded in 233 deals. International Breweries traded 16.2 million shares estimated at N130.2 million in 296 transactions. Ikeja Hotel traded 11.4 million shares valued at N12.6 million in 87 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: Call Willie - +2348098788999
![Executive Secretary of the Nigerian Content Development and Monitoring Board, Simbi Wabote. [PHOTO CREDIT: Twitter page Mr Wanote]](https://i1.wp.com/media.premiumtimesng.com/wp-content/files/2022/07/Simbi-Wabote.jpeg?resize=120%2C86&ssl=1)
![Debt Management Office (DMO) boss, Patience Oniha. [PHOTO CREDIT: Official Web page of DMO] Eurobonds](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/09/171fc14b49a79ea979710de5b3402b30_XL.jpg?resize=120%2C86&ssl=1)
![Minister State for Petroleum Resources, Timipreye Sylva [PHOTO CREDIT: @@HETimipreSylva]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/07/EVPGSAmUcAEzOzO-e1612090974701.jpg?resize=75%2C75&ssl=1)
![Nigerian Correctional Service (NCS), Comptroller General (CG), Ja’afaru Ahmed [PHOTO CREDIT: @CorrectionsNG ]](https://i2.wp.com/media.premiumtimesng.com/wp-content/files/2021/01/72333008_133746961348010_1246490854663651328_o.jpg?resize=75%2C75&ssl=1)
