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Business News of Thursday, 25 November 2021

Source: www.premiumtimesng.com

Nigerian stocks shed N71 billion in broad-based retreat

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Nigerian stocks continued on a downward trajectory on Thursday as the benchmark index contracted 0.32 per cent or N71 billion after stocks cringed across sectors.

Equities as diverse as Nigerian Breweries, Seplat and GTCO, all of them leaders in their own sectors, set the slide in motion, putting stocks on course for a weekly decline.

All but the insurance index dropped of the five sector indexes tracked by the bourse. Interest in Honeywell Flour continued to intensify following the announcement on Monday by rival Flour Mills to acquire a majority stake in the firm, with the stock recording the strongest price appreciation at 9.76 per cent.

Market breadth, which weighs the level of investors’ sentiment towards trade, closed in the negative as 24 losers emerged compared to 14 gainers

The all-share index slipped 136.25 points to 43,108.77, while market capitalisation closed lower at N22.5 trillion.

Year to date, the index is up 7.05 per cent.

Honeywell led the gainers’ chart, appreciating by 9.76 per cent to close at N4.05. AIICO went up by 8.47 per cent to N0.64. Regal Insurance rose to N0.39, notching up 8.33 per cent in the process. Ikeja Hotel added 8 per cent to end trade at N1.35. UPL completed the top 5, climbing by 8 per cent to N2.70.

MRS was the worst-performing stock, declining by 9.87 per cent to close at N13.70. Chams shed 8.70 per cent to close at N0.21. ETI fell to N8, losing 8.57 per cent. Consolidated Hallmark dipped to N0.57, recording 8.06 per cent depreciation. Unity Bank closed at N0.51, going down by 7.27 per cent.

In all, 266.1 million shares estimated at N2.890 billion were traded in 4,017 deals.

Honeywell was the most active stock with 52.5 million units of its shares worth N209.6 million traded in 368 deals. GTCO shares of 23 million units, priced at N568.6 million, exchanged hands in 348 transactions.

Zenith had 22.9 million shares valued at N559 million traded in 278 deals. Transcorp traded 18.5 million shares estimated at N17.7 million in 101 transactions. Access traded 13.9 million shares valued at N127.4 million in 163 deals.