Nigerian stocks garner N17 billion gain but ebbing trade volume casts gloom


Nigerian stocks lifted by 0.08 per cent Friday as the value of shares added N16.9 billion, supported by more readiness by investors to hold shares than sell them.

But the increasing decline in the quantity of shares traded still raised doubt about the capacity of the market to swing back to pre-pandemic levels, a time particularly marked by much stronger flow of foreign investors’ dollars and larger trade volume.

The size of Friday’s trade plunged by almost half, but gains by Union Bank, which Thursday was acquired by little-known Titan Trust Bank, Vitafoam and cement-maker WAPCO, helped steer the rise.

Union Bank has now led the gainers’ chart for two straight days since the announcement as traders scramble for its shares heighten.

Trade ended with market breadth, often used by market watchers to determine the depth of investors’ sentiment to trade and the possible direction trade will swing next, closing on a negative note as 13 losers were recorded compared to 12 gainers.

The benchmark edged up by 32.37 points to 42,262.85 index points, while the market capitalisation fell to N22.07 trillion.

Year to date, the index is up by 4.95 per cent.


Union Bank led gainers, appreciating by 9.90 per cent to N5.55. Consolidated Hallmark jumped 9.38 per cent to N0.70.

Sovereign Trust added 8.33 per cent to end trade at N0.26. PZ went up by 7.20 per cent to N6.70. Vitafoam rose to N22.50, notching up 4.41 per cent.

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


Cornerstone Insurance fell 9.80 per cent to close at N0.46. UPDC shed 3.39 per cent to end trade at N1.14. Jaiz fell to N0.62, losing 3.12 per cent.

Japaul eased to N0.37, recording 2.63 per cent depreciation. UPDC REIT closed at N4, going down by 2.44.


In total, 111.8 million shares estimated at N911.9 million were traded in 2,072 deals.

Transcorp was the most active stock with 11.5 million of its shares worth N11.4 million traded in 52 deals. Union Bank saw 9.9 million units of its shares, which were priced at N54.7 million exchange hands in 96 transactions.

Access Bank had 9 million shares valued at N88.2 million traded in 118 deals. Sovereign Trust traded 9 million shares estimated at N2.3 million in 12 transactions. Sterling Bank traded 7.1 million shares valued at N10.4 million in 51 deals.

Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401…

PT Mag Campaign AD

Visit Original Source link