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Nigeria: Nigerian Stocks Extend Loss As Profit-Taking in Big-Cap Banks Weighs

The benchmark index fell by 0.57 per cent.

All the five big banks except First Bank Holdings led a retreat that lengthened a slump in Nigerian stocks into the second day, wearing down the all-share index by 0.57 per cent.

<a target=”_blank” href=”https://www.premiumtimesng.com/business/business-news/452251-access-bank-acquires-third-bank-in-eight-months-takes-over-south-africas-grobank.html”>Access Bank</a>, UBA, Zenith Bank and GTB took a hit from profit-taking actions, setting up a fall in the banking index by 0.84 per cent.

A floodgate of full-year earnings report releases, apparently targeting the March-end deadline, turned out largely negative, rattling investors and compounding losses.

Market breadth was negative, drawing as 24 fallers against 18 risers.

Shedding 221.98 points, the benchmark index finished at 39,045.13 points, while market capitalisation depreciated to N20.429 trillion.

The index has been down by 3.04 per cent so far this year.

TOP FIVE GAINERS

Linkage Assurance led the flock of gainers, appreciating by 10 per cent to close at N0.66. Meyer added up 9.76 per cent to end trade at N0.45. Prestige went up 9.76 per cent to N0.45. NEM gained 9.52 per cent to advance to N2.30. Guinness completed the top 5, leaping to N33.90 by 7.28 per cent.

TOP FIVE LOSERS

<a target=”_blank” href=”https://www.dnb.com/business-directory/company-profiles.daar_communications_plc.843e67cadbff55128a3fc7bdec943511.html”>Daar Communications</a> was the worst-performing stock, declining by 8.70 per cent to close at N0.21. Wema shed 8.06 to close at N0.57. UPL fell to N1.07, losing 7.76 per cent. UACN Property dipped to N0.77, recording 7.23 per cent depreciation. Japaul Gold closed at N0.41, going down by 6.82 per cent.

TOP FIVE TRADES

In all, 347.173 million shares estimated at N2.803 billion were traded today in 3,990 deals, lifting the size of trade by 3 per cent.

Wema was the most active stock with 94.047 million of its shares worth N53.371 million traded in 50 deals. 78.909 million units of Union Bank shares priced at N418.215 million exchanged hands in 37 transactions. Zenith Bank traded 22.137 million shares estimated at N500.202 million in 370 transactions. FBN Holdings traded 11.984 million shares valued at N87.144 million in 119 deals. GTB had 10.715 million shares valued at N352.667 million traded in 329 deals.