Nigerian stocks in further slide as profit-taking deepens

Nigerian stocks in further slide as profit-taking deepens

Nigerian stocks saw further slide on Monday, shedding 0.19 per cent as traders continued to make profit-taking efforts, heaping more pressure on equities that fell by more than half a trillion in the week that just went by.

Sell-offs in the shares Airtel Africa, Zenith and FBN Holdings weighed most on performance.

Market breadth, which measures investment sentiment, closed on a negative note with 19 losers reported against 13 gainers. The rest 65 stocks that partook in Monday trade saw no movement in price.

The all-share index dropped to 37,585.25 points, while market capitalisation weakened N34.3 billion to N19.593 trillion, the lowest point since the year began.

Year to date, the index is down by 6.49 per cent.


Ikeja Hotel led the gainers’ chart, appreciating by 10 per cent to close at N1.10. Fidson went up by 7.91 per cent to N6. Linkage Assurance rose to N0.70, notching up 7.69 per cent in the process. Chams added 5 per cent to end trade at N0.21. FCMB completed the top 5, climbing up by 3.33 per cent to N3.10.

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BOC Gases was the worst-performing stock, declining by 9.95 per cent to close at N9.50. Royal Exchange shed 7.94 per cent to close at N0.58. Unity fell to N0.55, losing 5.17 per cent. Mutual Benefits dipped to N0.40, recording 4.76 per cent depreciation. Honeywell Flour closed at N1.48, going down by 4.52 per cent.


In all, 163.503 million shares estimated at N3.437 billion, traded in 3,562 deals.

FBN Holdings was the most active stock with 18.141 million units of its shares worth N130.423 million traded in 136 deals. UBA traded 13.006 million shares priced at N94.239 million in 151 transactions. GTCO had 11.845 million shares valued at N355.410 million traded in 327 deals. MTNN traded 9.208 million shares estimated at N1.501 million in 87 transactions. Zenith traded 8.812 million shares valued at N208.623 million in 268 deals.


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