Nigerian stocks shrink further as sell pressure weighs on banks' shares

Nigerian stocks eased 0.03 per cent on Wednesday, elongating the loss reported at the previous trading session and raising concerns about how much the promising start to the earnings season, underscored by a string of strong corporate financial results, could transform the market.

Banking sector equities were most hit by the downtrend, and Zenith joined Vitafoam to lead the pullback at individual stock level, a 155 per cent surge in the nine-month period profit of the mattress and furniture manufacturer incapable of saving its share price from declining.

A negative market breadth was recorded as 24 losers emerged relative to 18 gainers. The all-share index went down by 11.12 points to 38.791.03, while market capitalisation dipped to N20.211 trillion.

The index is down by 3.67 per cent year to date.

Capital Hotel led gainers, appreciating by 9.85 per cent to close at N2.90. Oando went up 9.81 per cent to N5.26. BOC Gases rose to N9.20, notching up 8.88 per cent.

FTN Cocoa added 8.16 per cent to end trade at N0.53. Livestock completed the top 5, climbing by 4.80 per cent to N2.40.

Tripple Gee was the worst-performing stock, declining by 10 per cent to close at N0.90. Consolidated Hallmark shed 10 per cent to close at N0.54. Pharma Deko fell to N1.09, losing 9.92 per cent. Regal Insurance slid to N0.41, recording 6.82 per cent depreciation. Eterna closed at N7.10, going down by 6.58 per cent.

Altogether, 237.510 million shares estimated at N1.883 billion were traded in 4,305 deals.

Oando was the most active stock with 44.290 million units of its shares worth N232.963 million traded in 417 deals. UBA shares of 19.347 units, priced at N150.748 million, exchanged hands in 171 transactions.

Wema had 142.242 million shares valued at N11.875 million traded in 83 deals. Access traded 13.291 million shares estimated at N123.733 million in 186 transactions. Jaiz traded 12.296 million shares valued at N7.584 million in 62 deals.