Nigerian stocks halt fragile recovery on worsening investors’ apathy

Nigerian stocks halt fragile recovery on worsening investors’ apathy

Nigerian stocks were 0.15 per cent weaker on Thursday, ending a brief and feeble rally reported at the previous session as investors’ apathy in shares deteriorated further, causing an already depressed trade volume level to slide by 8 per cent.

WAPCO, Eterna, Honeywell and GTCO led the retreat, which brought stocks to their lowest level so far in September.

Market breadth was negative as 17 laggards emerged compared to 10 advancers.

The all-share index inched down by 57.03 points to 38,911.31, while market capitalisation dipped to N20.3 trillion.

The index has lost 3.38 per cent so far this year.


Unity led gainers, appreciating by 9.62 per cent to close at N0.57. FTN Cocoa went up by 8.70 per cent to N0.50.

Cornerstone Insurance rose to N0.52, notching up 8.33 per cent in the process. Chams added 5 per cent to end trade at N0.21. Sovereign Trust climbed by 4.17 per cent to N0.25.


Eterna was the worst performing stock, declining by 9.44 per cent to close at N6.52. SCOA slumped to N1.06, recording 9.40 per cent depreciation.

International Breweries shed 4 per cent to close at N4.80. Honeywell fell to N3.91, losing 3.93 per cent. Sterling Bank closed at N4.85, going down by 3 per cent.


Altogether, 130.2 million shares estimated at N1.4 billion were traded in 2,962 deals.

Access was the most active stock with 24.8 million units of its stocks worth N230.3 million traded in 240 deals.

Universal Insurance had 15.3 million units of its shares priced at N3.1 million exchange hands in 13 transactions. Zenith traded 8.5 million shares estimated at N200.7 million in 215 transactions.

GTCO had 6.8 million shares valued at N182.8 million traded in 187 deals. Japaul Gold traded 6 million shares valued at N3 million in 36 deals.


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