Nigerian stocks head into second day of flat trade with N3.2 billion loss


Nigerian equities saw a weak movement in price movement for the second day on the trot on Tuesday, inching up by as little as 0.01 per cent even though the quantity of shares traded rose by 94 per cent when set beside what was recorded on Monday.

Investors placed sell orders on millions of shares in UACN, which set stocks’ value on a downward course, with similar pressure on those of Zenith Bank helping the slide.

Taking the most blow of all the five sector indexes, the oil and gas index fell by 0.45 per cent.

The upside of trade came through market breadth, which closed in the positive after 21 gainers emerged relative to 15 laggards.

The all-share index closed at 42,388.57, dropping 6.14 basis points. Also, market capitalisation eased by 3.2 billion to N22.13 trillion.

So far this year, the index is up by 5.26 per cent.


Meyer led gainers, growing by 9.52 per cent to close at N0.46. Consolidated Hallmark gained 9.26 per cent to close at N0.59. CAP rose by 6.87 per cent to N19.45. Academy Press leapt to N0.50, notching up 6.38 per cent in the process. Lasaco completed the top 5, climbing up by 5.77 per cent to N1.10.


Eterna led losers, declining by 9.91 per cent to N5. MRS shrank by 9.85 per cent to end the day at N12.35. Japaul Gold tumbled to N0.36, losing 7.69 per cent. Learn Africa dipped to N1.17, recording a 7.14 per cent loss. FTN Cocoa closed at N0.40, going down 4.76 per cent.


In all, 275.9 million shares worth N3.9 billion were traded in 3,489 deals.

UACN was the most preferred stock, with 75.9 million units of its shares worth N720.8 million traded in 48 deals. FBN Holdings transacted 68.6 million shares, priced at N836.4 million in 191 deals. UBA had 16.7 million shares valued at N133.8 million traded in 142 deals. Stanbic IBTC traded 13.3 million shares estimated at N478.7 million in 101 transactions. Courteville traded 7.1 million shares valued at N2.7 million in 17 deals.

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