Nigeria: Sell-Offs in Sector Giants Send Nigerian Shares Further Down

The market breadth was negative, with 21 laggards recorded, compared to 16 gainers.

Nigerian stocks dipped further by 0.46 per cent on Thursday, with the aggravating downtrend across the market now spurred by heavyweights in the conglomerates, banking and industrial sectors, rather than a bank-driven losing spell that has held trade for days.

Huge volumes of Dangote Cement, GTB and UACN shares were put up for sale but there were no sufficient buy offers for a balance of interest on the demand side of a market that has been down by 5.53 per cent so far this year.

Aiding loss, oil and gas index dipped the most of the five sectorial indexes tracked by the bourse as it fell 1.11 per cent to 303.80 basis points.

The market breadth was negative, with 21 laggards recorded, compared to 16 gainers.

The benchmark index slid 189.10 points to 38,044.58, while market capitalisation dropped to N19.830 trillion.


Mutual Benefits led advancers, appreciating by 7.32 per cent to close at N0.44. Cutix climbed up by 7.14 per cent to N2.25. Regal Insurance added up 7.14 per cent to end today's trade at N0.45.

Consolidated Hallmark advanced by 6.35 per cent to N0.67. Champion rose to N2.12, notching up 6 per cent in the process.


Sovereign Trust topped topped the losers' chart, declining by 10 per cent to close at N0.27. ABC Transport shed 8.11 per cent to end today's trade at N0.34.

Academy Press slumped to N0.36, losing 7.69 per cent. Royal Exchange fell to N0.74, recording 6.33 per cent depreciation. Sterling Bank closed at N0.50, going down by 5.66 per cent.


Altogether, 214.172 million shares worth N1.337 billion were traded in 3,565 deals.

Sovereign Trust was the most active stock with 27.172 million of its shares worth N7.824 million traded in 64 deals. Mutual Benefits saw 17.165 million shares priced at N7.104 million exchange hands in 40 transactions.

UACN transacted 15.680 million shares valued at N174.308 million traded in 267 deals. Transcorp traded 12.522 million shares estimated at N10.775 million in 77 transactions. Sterling Bank traded 12.220 million shares valued at N20.056 million in 44 deals.

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