Nigerian stocks lose 238 billion naira as investors take profits ahead of new year
Nigerian stocks weakened 1.08 percent or 237.9 billion naira on Wednesday, the first trading day since the market closed for the Christmas celebrations, putting more pressure on a stock exchange that has seen fairly activity. weak lately.
Wednesday’s sluggish trades resulted from few buyers willing to buy the shares of companies like BUA Cement, UPDC REIT and MTNN compared to the relatively large amount of their shares for sale.
“We note that sellers would largely record profits for the previous week as well as for the year (in the case of short-term traders),” analysts at investment bank and broker United Capital said in a forecast for this week seen by PREMIUM. TIME.
The market spread, often used by traders to gauge the level of investor sentiment towards trade, closed on a negative note, with 18 winners reported versus 16 losers.
The all-stock index contracted 455.75 basis points to 41,807.1, while market capitalization fell to 21.82 trillion naira by the end of trading.
Since the start of the year, the index is up 3.82 percent.
TOP FIVE SLEEVERS
NEM led the winning herd, rising 100 percent to close at N4.84 after the completion of its stock rebuilding exercise. Union Bank added 9.91 percent to close trade at 6.10 N. Royal Exchange rose 9.09 percent to 0.84 N. Sovereign Trust rose to 0.28 N, up 7, 69% during the process. AIICO completed the top 5, climbing 6.86% to N2.18.
TOP FIVE LOSERS
BUA Cement was the worst performing stock, down 10 percent to close at 67.05 N. May & Baker fell to 4.06 N, losing 9.98 percent. PZ fell to 6.10 N, recording a depreciation of 8.96 percent. Jaiz Bank lost 8.06 percent to close at 0.57 N. UPDC REIT closed at 3.75 N, down 6.25%.
READ ALSO: Nigerian Shares Peak in Six Weeks, Gain 382 Billion Naira
TOP 5 PROFESSIONS
A total of 180.2 million shares valued at 1.5 billion naira were traded in 3,828 transactions.
Jaiz was the most active stock with 17.7 million units of its shares worth N 10.5 million traded in 89 transactions. Union Bank traded 16.8 shares priced at N101.8 million in 296 transactions.
The UACN traded 12.9 million shares valued at 123.5 million naira in 28 transactions. Transcorp traded 11.4 million shares valued at 11.3 million naira in 134 transactions. Sovereign Trust had 10 million shares valued at N2.8 million traded in 23 transactions.
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