Nigerian Stocks Slip After Four-Day Rally As Bank Sell-Off Bites

The Nigerian equity market concluded its recent four-day upward trend, witnessing a marginal decline of 0.09 per cent in its performance indices. This dip was primarily influenced by a sell-off in Tier-one banking stocks, resulting in a loss of N37 billion in market capitalisation.

Closing the trading session, the market capitalisation stood at N39.612 trillion, down from N39.649 trillion recorded on the previous trading day. Similarly, the All-Share Index fell by 66.6 points or 0.09 per cent, settling at 72,389.23 basis points compared to the previous close of 72,455.83.

The downturn in market performance was attributed to profit-taking activities in banking stocks such as United Bank for Africa (UBA), Access Holdings, and First Bank of Nigeria Holdings (FBNH), among others.

Guaranty Trust Holding (GTCo) took the lead in transaction volume with 51.10 billion units, while Zenith Bank topped the chart in value with transactions amounting to 91.24 billion.

In terms of gainers, Cadbury recorded a significant increase, climbing by 9.93 per cent to close at N16.05 per share. Following suit, Northern Nigeria Flour Mills (NNFM) saw a gain of 9.93 per cent, closing at N38.78 per share. Johnholt rose by 9.85 per cent to close at N0.26 per share, while Infinity and UPDC Real Estate Investment Trust (UPDCREIT) gained 9.73 per cent and 9.64 per cent, respectively.

Conversely, Universal Insurance topped the losers’ chart by shedding 7.14 per cent, closing at N0.26 per share. Livestock followed with a 5.00 per cent decline, closing at N1.71 per share, and FBNH also recorded a loss of 4.92 per cent, closing at N22.20 per share. FTNCOCOA lost 3.31 per cent to close at N1.46, while Oando shed 3.24 per cent, closing at N10.45 per share.

The market’s fluctuating performance demonstrates the ongoing dynamics of trading activities, influenced by various sectoral movements and investor sentiments.

(NAN)