Nigerian stocks shed N749.8 billion as investors dump bank shares

Nigerian stocks shed N749.8 billion as investors dump bank shares

Nigerian stocks capped a bearish week with depreciation worth N749.8 billion on Friday as the main equity index shed 1.21 per cent, a retreat triggered by sell-off in bank shares.

It has been an especially difficult week for bank stocks in finding investors, which has set the banking index (the benchmark that tracks the top lenders by market capitalisation and liquidity) on a free fall since the start of the trading week.

MTN Nigeria contributed most to the plunge with support from big lenders like Zenith, GTCO, Access Corporation and FBN Holdings.

The bourse posted a negative breadth as 11 losers emerged against 24 advancers.

The all-share index dropped 633 points to 51,778.1, while market capitalisation eased to N27.9 trillion.

Since the beginning of the year, the index has returned 21.2 per cent.

TOP FIVE GAINERS

Ellah Lakes led advancers, appreciating by 8.40 per cent to N4. UACN climbed up by 6.48 per cent to N11.50. Livestock added up 6.12 per cent to end trade at N1.56.

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Living Trust advanced by 5.26 per cent to N1.20. Mutual Benefits rose to N0.25, notching up 4.17 per cent.

TOP FIVE LOSERS

McNichols topped the losers’ chart, declining by 9.76 per cent to close at N1.85. Ardova went down by 9.70 per cent to end trade at N13.50.

International Breweries fell to N6.25, losing 9.42 per cent. Courtville slumped to N0.49, recording 9.26 per cent slip. ETI closed at N10.10, going down by 8.60 per cent.


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TOP FIVE TRADES

In all, 233.8 million shares valued at N3.6 billion were traded in 4,964 deals.

Jaiz was the most active stock, with 40.4 million of its shares worth N36.9 million traded in 79 deals. UBA saw 35.7 million units of its shares priced at N269.4 million exchanged hands in 245 transactions.

Zenith traded 33.1 million shares valued at N716.1 million in 932 deals. GTCO traded 16.5 million shares estimated at N354.6 million in 448 transactions. Transcorp transacted 10.9 million shares valued at N14 million in 95 deals.

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