Nigerian stocks extend loss as selling pressure weighs on consumer goods stocks
Nigerian stocks came under further pressure on Wednesday as the all-stock index fell 0.09%, a pullback that means the stock market has lost 2.7% in January to date.
The market has been bearish of late and has yet to post a gain this week due to risky willingness by investors to trade, even regardless of a series of fairly strong results from many companies in the half year.
Profit-taking on shares of Honeywell Flour, Nigerian Breweries, UACN and Dangote Sugar, all consumer goods stocks, triggered Wednesday’s drop.
The liquidity crisis, which has become an albatross for the inflow of foreign capital since last year when hordes of international investors left the Nigerian stock market with naira 1.7 trillion investment due to uncertainties related to access forex, also complicates recovery.
The breadth of the market, an indicator of investor sentiment towards the trade, was negative as 18 losers were recorded against 8 winners.
The benchmark index fell 25.43 basis points to 39,184.18, while market capitalization fell to 20.4 trillion naira.
THE FIVE BEST GAINERS
AIICO led the winners, rising 4.04 percent to close at 1.03 N. The custodian added 3.15% to close the trade at 6.55 N.
Chams rose 6.25 percent to N2.80. Loyalty rose to N2.41, up 2.55%. AIICO completed the top 5, climbing 0.95% to N2.13.
TOP FIVE LOSERS
FTN Cocoa fell 8.77 percent to close at 0.52 N. Morison fell to N1.92, losing 5.42 percent.
The UPDC fell to N 1.77, recording a depreciation of 4.84 percent. Jaiz lost 4.76% to close at 0.60 N. Wema closed at 0.82 N, down 4.65%.
TOP 5 PROFESSIONS
A total of 169.3 million shares valued at 1.4 billion naira were traded in 3,449 transactions.
Transcorp was the most active stock with 28.5 million units of its shares valued at N25.8 million traded in 124 deals. Zenith traded 16.6 million shares at a price of 39.8 million naira in 327 transactions.
Honeywell traded 13.2 million shares valued at N54.9 million in 298 transactions. UCAP traded 12.8 million shares valued at 91.4 million naira in 99 transactions. Mutual Benefits had 8.3 million shares valued at 2.5 million naira traded in 20 transactions.
Support PREMIUM TIMES integrity and credibility journalism
Good journalism is expensive. Yet only good journalism can guarantee the possibility of a good society, responsible democracy and transparent government.
For free and ongoing access to the best investigative journalism in the country, we ask that you consider modestly supporting this noble enterprise.
By contributing to PREMIUM TIMES, you help maintain relevant journalism and keep it free and accessible to everyone.
Make a donation
TEXT ANNOUNCEMENT: To advertise here . Call Willie +2347088095401 …