Nigerian stocks close flat as trade volume falls 30%

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Nigerian stocks’ rise on Monday could hardly pass as gain as the benchmark index managed to add 0.1 per cent amid a drop in the volume of trade by 30 per cent.

The little appreciation would not have been possible but for a relatively big demand for the shares of two big banks, FBN Holdings and GTCO, as well as those of Dangote Cement.

Of the five sector indexes tracked by the Nigerian Exchange, while the rest advanced.

“We expect to see some profit-taking activities from the local bourse as investors take profits off the table in the absence of major catalysts,” analysts at Lagos-based United Capital said of this week in a note seen by PREMIUM TIMES.

Market breadth, used for determining investors’ sentiment to trade, closed on a positive note, given that 21 gainers were recorded in contrast to 11 laggards.

The benchmark index garnered 41.40 basis points to close at 42,394.71, while market capitalisation increased to N22.13 trillion.

TOP FIVE GAINERS

Morison led gainers, growing by 9.82 per cent to close at N1.79. UPDC gained 9.43 per cent to close at N1.16. Royal Exchange rose by 8.70 per cent to N0.75. Mutual Benefits leapt to N0.28, notching up 7.69 per cent in the process. Regal Insurance completed the top 5, climbing up by 7.32 per cent to N0.44.

TOP FIVE LOSERS

C&I Leasing declined by 8.70 per cent to close at N4.20. Consolidated Hallmark shrank by 6.90 per cent to end the day at N0.54. Wapic fell to N0.48, losing 5.88 per cent. Lasaco dipped to N1.04, recording a 5.45 per cent loss. NAHCO closed at N3.33, going down by 3.48 per cent.

READ ALSO: Nigerian stocks enter fourth day of loss amid bank shares sell-off

TOP FIVE TRADES

A total of 142.2 million shares worth N2.5 billion were traded in 3,749 deals.

FBN Holdings was the most preferred stock with 20.2 million units of its shares worth N244.7 million traded in 204 deals. GTCO transacted 10.6 million shares priced at N270.9 million in 376 trades. Sovereign Trust had 10.1 million shares valued at N2.4 million exchange hands in 9 deals. Mutual Benefits traded 9.4 million shares estimated at N2.6 million in 16 transactions. AIICO traded 8.8 million shares valued at N6 million in 78 deals.

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