Nigerian stocks saw only a little change on Tuesday as the main equity index fell 0.02 per cent hours after the latest data by the statistics office showed the inflation figure for October at 21.1 per cent compared to 20.8 per cent one month prior.
The National Bureau of Statistics cited food supply chain disruptions, escalating energy costs and spikes in import costs resulting from currency depreciations as triggers, leaving interest rate-setters with difficult choices when the monetary policy committee meets next week.
Gains garnered by BUA Foods and financial services stocks like NGX Group and GTCO were obliterated by losses from sell pressure on shares like cement-maker Lafarge and UPDC REIT.
Liquidity has been a worry for weeks, worsening further as volume shrank by 45 per cent, while turnover dropped 53 per cent.
“We expect the local equities market to remain in a lull going forward. Positive drivers to catalyse investor interest in the equities market are far and few,” analysts at United Capital said in their outlook for this week released on Monday and seen by PREMIUM TIMES.
“Elevated money market rates, pre-election jitters and dwindling corporate performance will likely keep investors’ interest at bay,” they added.
Market breadth, an indicator of investors’ sentiment towards trade, closed positive as 15 gainers emerged, relative to 13 losers. The remaining 79 stocks that traded on Tuesday recorded no price movement.
The all-share index weakened by 9.9 basis points to close at 43,808.3, while market capitalisation eased to N23.9 trillion.
Year to date, the index is up by 2.6 per cent.
TOP FIVE GAINERS
CWG led gainers, appreciating by 10 per cent to close at N0.88. Learn Africa grew by 10 per cent to end trade at N1.65. Caverton went up by 8.8 per cent to N0.87. Prestige rose to N0.39, notching up 8.3 per cent in the process. Japaul Gold climbed up by 7.41 per cent to N0.29.
TOP FIVE LOSERS
WAPCO topped the losers’ chart declining by 9.7 per cent to close at N20.10. Royal Exchange shed 9.4 per cent to end trade at N0.77. Cornerstone fell to N0.40, losing 9.1 per cent in the process. UPDC REIT dipped to N2.55, recording 8.9 per cent depreciation. FTN Cocoa closed at N0.31, going down by 8.8 per cent.
TOP FIVE TRADES
Altogether, 103.5 million shares estimated at N1.2 billion were traded in 3,045 deals.
FBN Holdings was the most active stock, trading 11.4 million shares worth N124.2 million traded in 185 deals. Transcorp’s shares of 11.3 million units priced at N12.3 million exchanged hands in 62 transactions.
Fidelity Bank had 10.3 million shares valued at N42.3 million traded in 75 deals. Access Holdings traded 8.7 million shares estimated at N71 million in 141 transactions. GTCO traded 6 million shares valued at N107.9 million in 250 deals.
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