Nigerian Stocks Slide By N15 Billion Amid Selling Pressure On Financial Services Stocks

The benchmark index dipping 0.06 per cent as investors.

Nigerian stocks were quick to head back to the path of loss on Tuesday after only two days in recovery, with the benchmark index dipping 0.06 per cent as investors were more willing to sell financial services equities than to hold them, mounting pressure on value of shares.

Investment bank United Capital and Africa Prudential as well as Seplat, Nigeria's most capitalised oil and gas, company drove the retreat.

On account of Seplat's fall, the oil and gas index took the heaviest battering of the five sectorial indexes tracked by the Nigerian Exchange, depleting 0.86 per cent to 306.58 basis points.

A positive market breadth was reported, with 18 advancers emerging against 17 laggards. The all-share index eased by 23.51 basis points to 38,414.37 points and market capitalisation by N15 billion to N20.022 trillion.

Year to date, the index is down by -0.15%.


Morrison led gainers, appreciating by 9.57 to close at N1.03. Cornerstone went up 9.43 per cent to N0.58. UPL rose to N1.28, notching up 9.40 per cent in the process. Consolidated Hallmark added 9.09 per cent to end today's trade at N0.72. Regal Insurance completed the top 5, climbing by 8.89 per cent to N0.49.


Champion Breweries was the worst performing stock, declining by 9.91 per cent to close at N1.91. John Holt shed 7.94 per cent to close at N0.58. Africa Prudential fell to N5.75, losing 7.26 per cent. Honeywell Flour slid to N1.13, recording 6.61 per cent depreciation. Chams closed at N0.20, going down by 4.76 per cent.


In total, 274.852 million shares estimated at N2.632 billion were traded in 4,159 deals.

UCAP was the most active stock with 23.974 million units of its shares worth N143.661 million traded in 230 deals. Veritas Kapital's 23.117 million shares worth N4.623 million exchanged hands in 17 transactions. Eterna had 21.575 million shares valued at N163.979 million traded in 18 deals. Zenith traded 20.475 million shares estimated at N470.702 million in 354 transactions. Transcorp traded 16.486 million shares valued at N14.643 million in 77 deals.

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