Nigerian stocks enter fourth day of loss amid bank shares sell-off

Nigerian stocks eased by N1 billion on Tuesday as equities faced increasing attrition from investors’ heavy disposal of bank and financial services shares, even though the depth of loss was very shallow, with the benchmark index dipping by as low as less than one per cent.

The bourse is yet to close on an upbeat note since the week began, raising fears stocks could return a negative yield at the end of the week unless a tremendous turnaround happens.

Ahead of the release of quarterly statements, a couple of board meeting notices were published on Tuesday, signalling the issuing of companies’ financials is round the corner.

On the flip side, market breadth which weighs the extent of investors’ confidence, was positive as 17 gainers were reported compared to 13 laggards.

The All Share Index inched down to 37.857.24 points and market capitalisation dropped to N19.724 trillion.

Year to date, the index is down 5.99 per cent.


NCR led gainers, appreciating by 9.64 per cent to close at N2.73. Wema went up 9.46 per cent to N0.81. FTN Cocoa rose to N0.39, notching up 8.33 per cent in the process. NPF Microfinance added 6.88 per cent to end today’s trade at N1.71. Lasaco completed the top 5, climbing by 6.67 to N1.60.


Ikeja Hotels was the worst-performing stock, declining by 9.09 per cent to close at N1.40. Custodian Insurance shed 6.15 per cent to close at N6.10. Jaiz Bank fell to N0.50, losing 5.66 per cent. Mutual Benefits slid to N0.40, recording 4.76 per cent depreciation. FBN Holdings closed at N7.20, going down by 4 per cent.

ALSO READ: Nigerian stocks fall to two-week low


In total, 197.280 million shares estimated at N1.921 billion were traded in 3,567 deals.

Universal Insurance was the most active stock with 37.199 million units of its shares worth N28.059 million traded in 100 deals. GTCO’s 27.913 million shares, priced at N823.198 million exchanged hands in 310 transactions. UPDC had 13.852 million shares valued at N19.556 million traded in 119 deals. Fidelity traded 12.158 million shares estimated at N28.360 million in 123 transactions. UBA traded 9.581 million shares valued at N72.203 million in 152 deals.

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