Nigerian stocks fall for fourth trading day as volume shrinks
Nigerian stocks fell for the fourth trading day in a row on Monday as the main equity index contracted by 0.07 per cent.
The NGX 30, the index tracking the combined progress of the top 30 firms in terms of market value and liquidity, shed 0.09 per cent, coming within points of its lowest level since the turn of the year.
Trade has been subdued for days, but the activity level raised fresh concerns on Monday with volume tapering by as much as 37 per cent.
Investors are dumping stocks for fixed income securities, which have seen improved yields lately. And the rate of exiting equities could be higher in the days ahead as fund managers await the decision of the two-day policy meeting early next week, which is likely to be hawkish as the central bank weigh contractionary measures to tame the cost of living crisis in Africa’s largest economy.
That will set the tone for the capital market for the next two months or more. Profit-taking in the shares of energy company Seplat triggered the slide.
“We expect the local bourse to remain in a lull in anticipation of the upcoming MPC meeting scheduled on the 26th and 27th of September,” analysts at United Capital said in an outlook note for this week seen by PREMIUM TIMES.
“We recommend that investors and fund managers continue to cherry-pick stocks with solid underlying fundamentals amid an overall bearish-dominated bourse.”
The all-share index surrendered 35.2 points, dipping to 49,440.2, while the market capitalisation inched down to N26.7 trillion.
Year to date, the index is up by 15.7 per cent.
TOP FIVE GAINERS
ETranzact appreciated by 9.97 per cent to N3.20. Vitafoam added 5 per cent to end trade at N21. Honeywell Flour went up by 3.36 per cent to N2.46. Cornerstone rose to N0.62, notching up 3.33 per cent. International Breweries completed the top 5, climbing by 3.12 per cent to N4.95.
READ ALSO: Nigerian stocks enter third day of flattish trade as volume plunges by 46%
TOP FIVE LOSERS
Academy Press declined by 16.36 per cent to close at N1.84. ABC Transport shed 10 per cent to end trade at N0.27. UPL fell to N1.63, losing 9.44 per cent. Mutual Benfits slumped to N0.27, recording 6.90 per cent depreciation. RT Briscoe closed at N0.30, going down by 6.25 per cent.
TOP FIVE TRADES
Altogether, 67.4 million shares estimated at N1.5 billion were traded today in 3,386 deals.
FBN Holdings was the most active stock with 9.7 million of its shares worth N96.6 million traded in 185 deals. Zenith saw 9.3 million units of its shares, which were priced at N182.4 million exchange hands in 374 transactions. GTCO had 6.1 million shares valued at N120.4 million traded in 321 deals. Mutual Benefits traded 4.5 million shares estimated at N1.2 million in 20 transactions. Sovereign Trust traded 3 million shares valued at N797.7 thousand in 4 deals.
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Nigerian stocks fell for the fourth trading day in a row on Monday as the main equity index contracted by 0.07 per cent.
The NGX 30, the index tracking the combined progress of the top 30 firms in terms of market value and liquidity, shed 0.09 per cent, coming within points of its lowest level since the turn of the year.
Trade has been subdued for days, but the activity level raised fresh concerns on Monday with volume tapering by as much as 37 per cent.
Investors are dumping stocks for fixed income securities, which have seen improved yields lately. And the rate of exiting equities could be higher in the days ahead as fund managers await the decision of the two-day policy meeting early next week, which is likely to be hawkish as the central bank weigh contractionary measures to tame the cost of living crisis in Africa’s largest economy.
That will set the tone for the capital market for the next two months or more. Profit-taking in the shares of energy company Seplat triggered the slide.
“We expect the local bourse to remain in a lull in anticipation of the upcoming MPC meeting scheduled on the 26th and 27th of September,” analysts at United Capital said in an outlook note for this week seen by PREMIUM TIMES.
“We recommend that investors and fund managers continue to cherry-pick stocks with solid underlying fundamentals amid an overall bearish-dominated bourse.”
The all-share index surrendered 35.2 points, dipping to 49,440.2, while the market capitalisation inched down to N26.7 trillion.
Year to date, the index is up by 15.7 per cent.
TOP FIVE GAINERS
ETranzact appreciated by 9.97 per cent to N3.20. Vitafoam added 5 per cent to end trade at N21. Honeywell Flour went up by 3.36 per cent to N2.46. Cornerstone rose to N0.62, notching up 3.33 per cent. International Breweries completed the top 5, climbing by 3.12 per cent to N4.95.
READ ALSO: Nigerian stocks enter third day of flattish trade as volume plunges by 46%
TOP FIVE LOSERS
Academy Press declined by 16.36 per cent to close at N1.84. ABC Transport shed 10 per cent to end trade at N0.27. UPL fell to N1.63, losing 9.44 per cent. Mutual Benfits slumped to N0.27, recording 6.90 per cent depreciation. RT Briscoe closed at N0.30, going down by 6.25 per cent.
TOP FIVE TRADES
Altogether, 67.4 million shares estimated at N1.5 billion were traded today in 3,386 deals.
FBN Holdings was the most active stock with 9.7 million of its shares worth N96.6 million traded in 185 deals. Zenith saw 9.3 million units of its shares, which were priced at N182.4 million exchange hands in 374 transactions. GTCO had 6.1 million shares valued at N120.4 million traded in 321 deals. Mutual Benefits traded 4.5 million shares estimated at N1.2 million in 20 transactions. Sovereign Trust traded 3 million shares valued at N797.7 thousand in 4 deals.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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