Nigerian Stocks Close Flat Amid Drop in Transaction Volume

Traders put up huge volumes of shares in Okomu Oil, Conoil and FBN Holdings for sale, triggering the slide.

Nigerian stocks closed nominally lower on Wednesday as the benchmark index dipped 0.03 per cent, extending a string of losses that began on Monday.

Traders put up huge volumes of shares in Okomu Oil, Conoil and FBN Holdings for sale, triggering the slide.

The Insurance Index fell by 0.49 per cent, the most decline of the five sector indexes tracked by the bourse.

"We expect sentiments to remain soft and could support further profit taking, particularly if fixed income yields continue to surge in light of the MPR rate hike," analysts at broker United Capital said in a note seen by PREMIUM TIMES.

The all-share index fell 16.1 points to 52,974.2, while market capitalisation diminished to N28.6 trillion.

Year to date, the index is up by 24 per cent.

TOP FIVE GAINERS

Eterna Oil led advancers, appreciating by 9.90 per cent to N7.44. FTN Cocoa climbed up by 0.35 per cent to N9.38. NAHCO added 8.57 per cent to end trade at N7.22. Ikeja Hotel advanced by 7.83 per cent to N1.24. UPDC rose to N1.34, notching up 4 per cent.

TOP FIVE LOSERS

Okomu topped the losers' chart, declining by 10 per cent to close at N193.50. NCR went down by 9.77 per cent to end trade at N3.60. Conoil fell to N29.10, losing 8.35 per cent. Neimeth slumped to N1.55, recording 7.19 per cent slip. Sovereign Fidelity Bank closed at N3.24, going down by 4.71 per cent.

TOP FIVE TRADES

In all, 295.4 million shares valued at N3.6 billion were traded in 4,637 deals.

Transcorp was the most active stock, with 121.8 million of its shares worth N1.3 billion traded in 145 deals. Fidelity saw 20.6 million units of its shares priced at N53.6 million exchanged hands in 158 transactions. Conoil traded 17 million shares valued at N11.3 million in 101 deals. Sterling Bank traded 16.1 million shares estimated at N23.7 million in 95 transactions. Royal Exchange transacted 11.8 million shares valued at N11 million in 71 deals.

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