Nigerian stocks inched up 0.2 per cent on Tuesday, the market’s first advance since Wednesday, but that does not seem a sure-footed rebound as the number of decliners more than doubled that of gainers.
Turnover shrank by 25 per cent and transaction volume by 3 per cent, leaving the benchmark index to hinge on gains by two megacap stocks – BUA Cement and Zenith Bank – for the climb.
After the bell, lender GTCO issued a statementsaying it got its approval for release of its half-year result and has sought a 30-day exchange from the Nigerian Exchange for a 30-day extension beyond the regulatory filing date to enable the Central Bank of Nigeria to green-light the move report also.
Access Holdings published a similar document Monday and now has an extension in place till the middle of September. Only FBN Holdings has published its half-year earnings report of the Big 5 banks.
Market breadth, a gauge used for measuring investors’ sentiment towards trade, was negative as 10 laggards emerged compared to 22 gainers.
The all-share index expanded 80 points to close at 49,709.5, while market capitalisation closed higher at N26.8 trillion.
Year to date, the index is up by 16.4 per cent.
TOP FIVE GAINERS
Cutix led the gainers, appreciating by 7.50 per cent to N2.15. Lasaco went up by 5.58 per cent to N1.08. Union Bank rose to N6, notching up 3.5 per cent in the process. Academy Press added 2.97 per cent to end trade at N2.08. BUA Cement completed the top 5, climbing by 2.63 per cent to N54.60.
TOP FIVE LOSERS
UPDC REIT was the worst performing stock, declining by 9.86 per cent to close at N3.20. PZ shed 9.27 per cent to close at N9.30. Courteville fell to N0.51, losing 8.93 per cent. Japaul Gold slumped to N0.34, recording 8.11 per cent decline. Wapic closed at N0.41, going down by 6.82 per cent.
TOP FIVE TRADES
Altogether, 204.2 million shares worth N1.6 billion were traded in 3,643 deals.
FBN Holdings was the most active stock with 36.8 million shares worth N396.2 million traded in 133 deals. ETranzact traded 30 million shares priced at N68.4 million in 2 transactions.
UBA had 20.5 million shares valued at N143.7 million traded in 206 deals. Access Holdings traded 20.1 million shares estimated at N116 million in 227 transactions. Eterna traded 12.3 million shares valued at N86.1 million in 23 deals.