Nigerian stocks halt seven-day rally as investors take profit


Nigerian stocks cringed by 0.71 per cent on Monday in their first pullback in one week as investors pocketed gains that had heaped up during the period.

The retreat was set in motion by sell-offs in the shares of FBN Holdings, which has dominated trade for the past few days, supported by profit-taking actions in the shares of Nestle and United Capital.

The consumer goods index was the worst hit of the five sector indexes tracked by the bourse as it tapered by 2.53 per cent.

Market breadth, an indicator of investor confidence in the market, was negative as 21 laggards were reported compared to 19 gainers.

“We expect the recent rally to be sustained as market participants anticipate a strong Q3-2021 earnings season,” analysts at broker United Capital said of the current week in a note seen by PREMIUM TIMES.

The all-share index fell 293.48 points to close at 41,144.67, while market capitalisation dropped to N21.5 trillion.

Year to date, the index is up by 2.17 per cent.


NGXGroup led gainers, appreciating by 9.86 per cent to close at N19.5. Ikeja Hotels grew by 9.52 per cent to end trade at N1.15. Custodian went up by 7.53 per cent to N7.85. Honeywell rose to N3.78, notching up 6.48 per cent in the process. Chams climbed up by 4.55 per cent to N0.23.


May & Baker topped the losers’ chart declining by 8.02 per cent to close at N4.36. Royal Exchange shed 7.81 per cent to end today’s trade at N0.59. NPF Microfinance Bank fell to N1.71, losing 7.57 per cent in the process. FBNH Holdings dipped to N11.75, recording 7.48 per cent depreciation. Mutual Benefits closed at N0.28, going down by 6.67 per cent.


Altogether, 338.7 million shares estimated at N4.1 billion were traded in 5,866 deals.

FBN Holdings was the most active stock trading with 67.6 million shares worth N832.8 million traded in 718 deals. Access Bank’s shares of 36.6 million units priced at N351.2 million exchanged hands in 298 transactions. Transcorp had 26.5 million shares valued at N26.6 million traded in 240 deals. GTCO traded 25.6 million shares estimated at N755.2 million in 267 transactions. Fidelity traded 19.5 million shares valued at N53.3 million in 196 deals.

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