Nigerian stocks gain little as transaction volume drops

Nigerian stocks gain little as transaction volume drops

Market breadth, an indicator showing the direction stocks are likely to head soon, was positive with 17 gainers on record compared to 15 losers.

Nigerian stocks recorded what could hardly pass as a gain on Friday at the end of a flattish trade where the main equity index inched up by 0.04 per cent.

Activity in the market was muted compared to the last session, with the volume of shares traded dropping 15 per cent.

Inflow into stocks has been lower as increased yields in fixed income instruments including bonds and treasury bills are prompting big players like fund managers to shift away from shares.

Yet, equities are still showing some resilience even though has been largely intermittent. The market appreciated by over half a trillion naira on Thursday, with Airtel Africa and Nestle leading the charge, and the bulk of the little progress seen on Thursday came from the latter.

The advance also drew strength from FBN Holdings, with broad appreciation in the shares of several other financial services stocks providing further support.


READ ALSO: Blue-chip stocks help Nigerian shares to further gain

Market breadth, an indicator showing the direction stocks are likely to head soon, was positive with 17 gainers on record compared to 15 losers.

The all-share index grew by 20.3 points to 49,682.2, while market capitalisation rose to N26.8 trillion. Year to date, the index is up by 16.3 per cent.

TOP FIVE GAINERS

Japaul Gold topped the gainers’ chart, appreciating by 9.68 per cent to close at N0.34. Mutual Benefits went up 7.14 per cent to N0.30. FCMB rose to N3.20, notching up 5.96 per cent in the process. Unity Bank added 5 per cent to end the trade at N0.42. Academy completed the top 5, climbing by 4.39 per cent to N2.14.

TOP FIVE LOSERS

FCMB was the worst performing stock, declining by 3.23 per cent to close at N10.28. Academy shed 9.72 per cent to close at N1.30. John Holt fell to N0.78, losing 9.30 per cent. Japaul Gold declined 9.09 per cent to N0.30. Neimeth closed at N1.45, going down by 8.32 per cent.

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TOP FIVE TRADES

A total of 193.5 million shares estimated at N4.6 billion were traded in 3,307 deals.

Jaiz Bank was the most active stock with 45.9 million units of its shares worth N39 million traded in 56 deals. FBN Holdings’s shares of 24.9 million units, priced at N271 million exchanged hands in 213 transactions. Access Holdings had 18.9 million shares valued at N4.7 billion traded in 175 deals. NEM traded 11.1 million shares estimated at N51.5 million in 48 transactions. GTCO traded 9.3 million shares valued at N186.9 million in 320 deals.


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