Increased demand for bank shares help Nigerian stocks end three-day losing spell

Nigerian stocks extend loss as sell pressure weighs on consumer goods shares

Nigerian stocks Thursday recorded their first appreciation this week as the benchmark index lifted by 0.17 per cent but the size of gain was too small to offset how much equities have lost in the past couple of days.

Access Bank reported substantial improvement in both revenue and profit for half year, principally accounting for the rise, while other bank stocks like Zenith and UBA provided support alongside Dangote Cement.

However, market breadth was slightly negative with 18 losers emerging compared to 16 laggards.

The all-share index was up by 68.01 basis points at 39,252.19. Similarly, market capitalisation advanced to N20.5 trillion

The index has been down by 2.53 per cent since the year started.

READ ALSO: Nigerian stocks touch 53-day high amid depressed trading
TOP FIVE GAINERS

Chams grew by 4.76 per cent to N0.22. Prestige gained 4.35 per cent to close at N0.48. Wema rose by 3.66 per cent to N0.85. Mansard leapt to N0.89, notching up 3.49 per cent in the process. Julius Berger completed the top 5, climbing up by 2.97 per cent to N26.

TOP FIVE LOSERS

Unity Bank declined 8.62 per cent to N0.53. Oando fell to N4.10, losing 7.03 per cent. Union Bank dipped to N5, recording 6.54 per cent loss. FTN Cocoa closed at N0.49, going down by 5.77 per cent. Honeywell shrank by 4.88 per cent to end the day at N3.90.

TOP FIVE TRADES

A total of 262.1 million shares worth N2 billion were traded in 3,955 deals.

Access was the most preferred stock today with 51.1 million units of its shares worth N471.2 million traded in 526 deals. Transcorp had 36.1 million units of its shares priced at N32.5 million exchanged hands in 93 transactions. Honeywell had 18.6 million shares valued at N72.4 million traded in 300 deals. Mutual Benefits traded 17.7 million shares estimated at N5.2 million in 51 transactions. Sovereign Insurance traded 16.8 million shares valued at N4.1 million in 24 deals.

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