Nigerian Stocks Fall Further as Investors Dump Bank Stocks

Nigerian Stocks declined 0.07 percent on Monday, extending the decline that began in the previous session when most bank shares put up for sale found no buyers. Large lenders UBA and GTCO led the decline, which occurred against a backdrop of a 64 percent drop in volume. the NGX Bank Index it sold out by 0.91 percent, the steepest drop of the five sector indices tracked by the stock. “This week, we expect to see the last rally of the first quarter as investors buy stocks to stay on the dividend-paying record,” said analysts at investment bank United Capital. “However, we expect the stock market to trade relatively sideways in the coming week.” Market encouragement was negative, with 22 recorded losers compared to 15 winners. The stock index closed down 30.74 points at 47,251.93. The market capitalization fell to 25.5 billion naira. So far this year, the index is down 10.6 percent. TOP FIVE WINNERS Guinness led the gainers, growing 10 per cent to close at N71.50. Royal Exchange gained 8.33 percent, jumping to N1.30. Mutual Benefits jumped to N0.27, hitting 8 percent in the process. Lasaco rose 6 percent to N1.06. Livestock rounded out the top 5, up 5.62 percent to N1.69. TOP FIVE LOSERS UBA topped the losing table, falling 10.40 percent to close at N7.75. RT Briscoe dropped 10 percent to end the day at N0.72. NPF Microfinance Bank fell to N7.50, losing 9.64 percent. Ikeja Hotel fell to N1.25, posting a depreciation of 8.76 percent. Champion closed at N2.05, down 8.07 percent. THE FIVE MAIN OPERATIONS In total, 213.6 million shares worth N2.7 billion were traded in 4,485 trades. Access Bank was the most preferred stock with 27.2 million units of its shares worth N265.4 million traded in 311 deals. Zenith Bank shares of 19.9 million units at a price of N534.7 million were exchanged in 427 transactions. UBA had 18.7 million shares valued at N145 million traded in 324 deals. GTCO traded 18.4 million shares estimated at N482.4 million in 465 transactions. Transcorp traded 15.1 million shares valued at N17.1 million in 109 trades. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Nigerian Stocks Fall Further as Investors Dump Bank Stocks