Nigerian stocks Thursday touched their lowest point in three weeks and a day as the benchmark index contracted by 0.69 per cent amid fears that the Central Bank of Nigeria’s upward rate adjustment could aid a considerable flow of fund from stocks into fixed income equities for a while.
The loss deepened a day after the statistics office issued inflation data for May, showing headline inflation, which measures the cost of everyday items particularly using a basket of goods, at 17.7 per cent, the peak level in 11 months.
Zenith Bank led the pullback, supported Nigeria’s biggest company by market value Airtel Africa, which continued its bout of market correction, having hit its all-time high at the end of May. Sell-offs in the shares BUA Foods and GTCO added further pressure.
Market breadth, an indicator of the level of investors’ sentiment towards trade, was negative as 18 losers emerged compared to 12 advancers.
The all-share index was down by 364.31 basis points at 52,411.09, while market capitalisation fell to N28.3 trillion.
The index has been up by 22.7 per cent since the year started.
TOP FIVE GAINERS
Linkage Assurance grew by 9.80 per cent to N0.56. Courteville gained 8 per cent to close at N0.54. Japaul Gold rose by 6.90 per cent to N0.31.
Chams leapt to N0.25, notching up 4.17 per cent in the process. UPDC completed the top 5, climbing up by 4.08 per cent to N1.02.
TOP FIVE LOSERS
Conoil declined 10 per cent to N28.80. BUA Foods fell to N53.75, losing 9.97 per cent. ETranzact dipped to N2.44, recording 9.96 per cent loss.
Computer Warehouse Group closed at N0.94, going down by 9.62 per cent. Honeywell shrank by 6.25 per cent to end the day at N7.50.
TOP FIVE TRADES
A total of 211.6 million shares worth N2.4 billion were traded in 4,750 deals.
Sterling Bank was the most preferred stock today with 63.7 million units of its shares worth N97.4 million traded in 204 deals.
Zenith Bank had 17.3 million units of its shares priced at N382.6 million exchanged hands in 581 transactions.
UBA had 17.3 million shares valued at N131.9 million traded in 230 deals. Transcorp traded 16.2 million shares estimated at N21 million in 79 transactions. FBN Holdings traded 10.3 million shares valued at N101 million in 255 deals.
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