Nigerian stocks halt three-day bull run as investors take profit

Nigerian stocks halt three-day bull run as investors take profit

Nigerian stocks were down 0.14 per cent on Friday amid profit-taking efforts that followed three straight days of gain, but that could not hinder the bourse from posting a positive return for the week.

Traders’ risk-off disposition to bellwether stocks like MTN Nigeria, GTB, and Nigerian Breweries triggered the slide.

Also aiding loss, the insurance index fell the most of the five sector indexes tracked by exchange, dropping 0.56 per cent to 199.42 basis points as traders dumped big volumes of AIICO, Sovereign Trust and Lasaco shares for sale.

Nevertheless, the market reported a positive breadth as 25 gainers emerged relative to 16 losers.

The all-share index shrank by 53.82 basis points to 39,156.28. Similarly, market capitalisation declined to N20.409 trillion.

Year to date, the index is down by 2.77 per cent.


Cutix topped gainers, trading up 9.88 per cent to close at N2.78. Jaiz Bank gained 9.26 per cent to close at N0.59. Champion Breweries rose by 6.98 per cent to N0.46. Mansard jumped to N0.88, notching up 4.76 per cent. NNFM completed the top 5, climbing up by 4.24 per cent to N6.15.


NEM topped the losers’ table, declining by 10 per cent to close at N1.80. Champion shrank by 10 per cent to end trade at N1.80. Royal Exchange tumbled to N0.68, losing 9.33 per cent. FTN Cocoa dipped to N0.33, recording 8.33 per cent loss. Learn Africa closed at N1, going down by 8.26 per cent.

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Altogether, 289.085 million shares worth N3.545 billion were traded in 3,719 deals.

Sterling was the most preferred stock with 32.086 million units of its shares worth N50.577 million traded in 450 deals. Vitafoam transacted 27.602 million shares priced at N331.064 million exchanged hands in 68 transactions. Zenith had 25.720 million shares valued at N594.702 million traded in 237 deals. Fidelity traded 22.989 million shares estimated at N51.880 million in 110 transactions. GTB traded 14.095 million shares valued at N407.844 million in 214 deals.


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