Nigerian stocks dipped 0.10 per cent on Monday, a pullback from the paltry gain reported on Friday, as the market almost closed in flat trading, still much starved of substantial investors’ cash needed to keep it buoyant.

Drivers of Monday’s retreat were broad with stocks as diverse as GTCO, Ekocorp, PZ and Zenith dominantly triggering the loss.

It was financial services equities that took the most hit, coming from selling pressure on banking and insurance shares, which ranked them on the bottom of performance of the five sector indexes, tracked by the Nigerian Exchange.

“In the coming week, we expect investor sentiment to remain weak amid a dearth of positive triggers,” analysts at Lagos-based investment bank United Capital said of this week in a forecast note seen by PREMIUM TIMES.

Market, often used by market watchers to determine investors sentiment towards trade, was neutral, considering that there were 19 gainers as well as 19 losers.

The all-share index shrank 37.45 points to 38,906.42 the same way market capitalisation dropped to N20.3 trillion.

Year to date, the index is down by 3.39 per cent.


Consolidated Hallmark topped gainers, trading up 9.62 per cent to close at N0.57. Chams gained 9.52 per cent to close at N0.23. Courteville rose by 6.90 per cent to N0.31.

Wema jumped to N0.79, notching up 3.95 per cent. NAHCO completed the top 5, climbing up by 3.62 per cent to N3.15.


SCOA topped the losers’ table, declining by 9.43 per cent to close at N0.96. Veritas shrank by 8.70 per cent to end trade at N0.21.

Linkage Assurance tumbled to N0.57, losing 6.56 per cent. PZ dipped to N5.50, recording 5.98 per cent loss. Cornerstone closed at N0.49, going down by 5.77 per cent.


Altogether, 191 million shares worth N2.4 billion were traded in 3,462 deals.

Ekocorp was the most preferred stock with 40 million units of its shares worth N231.6 million traded in 1 deal. UBA transacted 10.8 million shares priced at N82.2 million exchanged hands in 182 transactions.

Transcorp had 9.8 million shares valued at N8.9 million traded in 83 deals. Sovereign Trust traded 9.6 million shares estimated at N2.3 million in 16 transactions. Fidelity traded 9.2 million shares valued at N22.2 million in 74 deals.


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