Nigerian Shares Shed N69 Billion Amid Selling Pressure On Heavyweight Stocks

Market breadth was negative, making 26 losers to emerge relative to 19 gainers.

Nigerian stocks were on a further retreat on Tuesday, depreciating 1.66 per cent as profit-taking actions in a raft of blue-chip equities weighed on market performance

Airtel Africa alongside UACN, Presco, Okomu Oil steered the loss, extending a slide that started at the previous trading session on Friday.

Also stoking loss, the consumer goods index fell 0.18 to 565.94 basis points on account of losses by PZ, International Breweries, Flour Mills and Nascon.

Market breadth was negative, making 26 losers to emerge relative to 19 gainers.

The all-share index went down by 648.99 basis points to 38,507.29 points, while market capitalisation dropped by N69 billion to N20.340 trillion.

Year to date, the index is down by 4.38 per cent.

TOP FIVE GAINERS

CWG led gainers, appreciating by 9.73 per cent to close at N1.24. Berger added 6.72 per cent to end trade at N7.15. Red Star Express advanced by 4.19 per cent to N3.23. NEM rose to N1.87, notching up 3.89 per cent. Wapic completed the top 5, climbing up by 3.64 per cent to N0.57.

TOP FIVE LOSERS

Airtel topped the losers' chart, declining by 10 per cent to close at N753.30. Okomu Oil shed 9.44 per cent to end trade at N105.50. Cornerstone fell to N0.50, losing 9.09 per cent. Learn Africa slumped to N0.92, recording 8 per cent depreciation. Livestock closed at N1.81, going down by 4.74 per cent.

TOP FIVE TRADES

Access was the most active stock, trading 43.139 million shares worth N359.541 million in 289 deals. Sterling Bank's 33.208 million shares priced at N52.131 million exchanged hands in 401 transactions. Zenith had 25.903 million shares valued at N602.184 million traded in 312 deals. UACN traded 22.925 million shares estimated at N216.792 million in 199 transactions. Union Homes REIT traded 19.013 million shares valued at N695.876 million in 1 deal.

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