Improvement in the size of trade was just 6 per cent, which explains the slow rate at which the combined value of equities rose, and the market is now on track to end the week on a fall, contrary to last week when it appreciated.
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Nigerian stocks closed flat on Thursday, barely moving up by 0.01 per cent in a languid trade that followed after the benchmark witnessed a decline saw a decline as well as a sharp contraction in transaction volume the day before.
Improvement in the size of trade was just 6 per cent, which explains the slow rate at which the combined value of equities rose, and the market is now on track to end the week on a fall, contrary to last week when it appreciated.
“This week, we expect continued bargain hunting as investors look forward to the H1-2022 earnings season and will seek to take high-yield positions,” analysts at United Capital said in a note.
“Still, we maintain that the broader equities market will remain on a bearish trajectory pending the release of H1-2022 results.”
Market breadth, which highlights the depth of investors’ sentiments to trade, was positive with 15 gainers recorded compared to 10 laggards.
The all-share index was up by 7.2 basis points at 51,563.7. Similarly, market capitalisation advanced to N27.8 trillion.
The index is up by 20.7 per cent since the year started.
TOP FIVE GAINERS
Academy grew by 9.55 per cent to N1.72. NAHCO gained 9.41 per cent to close at N9.30. FTN Cocoa rose by 9.38 per cent to N0.35. Honeywell leapt to N2.97, notching up 8.39 per cent in the process. Ikeja Hotel completed the top 5, climbing up by 8.30 per cent to N1.32.
TOP FIVE LOSERS
RT Briscoe declined 8.11 per cent to N0.34. UPDC fell to N1.17, losing 7.87 per cent. Regal Insurance dipped to N0.25, recording 7.41 per cent loss. Japaul Gold closed at N0.28, going down by 3.45 per cent. FBN Holdings shrank by 3.2 per cent to end the day at N10.60.
READ ALSO: Nigerian stocks shed N551 billion after selloff in Dangote Cement shares
TOP FIVE TRADES
A total of 143.3 million shares worth N1.8 billion were traded in 3,874 deals.
Jaiz Bank was the most preferred stock today with 42.1 million units of its shares worth N36.6 million traded in 68 deals. GTCO had 19.5 million units of its shares priced at N396.8 million exchanged hands in 551 transactions. Sterling Bank had 9.4 million shares valued at N14.1 million traded in 78 deals. UBA traded 6.9 million shares estimated at N51.4 million in 163 transactions. NAHCO traded 5.2 million shares valued at N46.1 million in 128 deals.
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