Nigerian stocks scrape fragile recovery in flat trade


Nigerian stocks managed a comeback to gain on Tuesday as the benchmark index inched up 0.02 per cent, which was inadequate to upend the loss reported at the session before.

Energy giant Seplat Energy led the charge with Ecobank Transnational Incorporated (ETI), helping to dampen the impact of considerable fall in the shares of Zenith Bank and GTCO on the broad index.

Market breadth, which measures investors’ sentiment to trade, was positive as there were 20 advancers in contrast to 10 laggards.

The all-share index expanded 11.4 basis points to 45,939.51, while market capitalisation closed higher at N24.8 trillion.

Year to date, the index is up 7.55 per cent.


Courtville led gainers, appreciating by 10 per cent to close at N0.55. ETI went up by 9.94 per cent to N9.95. Academy Press added 9.72 per cent to end trade at N0.79.

Champion Breweries rose to N2.55, notching up 8.05 per cent in the process. Regal Insurance completed the top 5, climbing by 5.26 per cent to N0.40.


C&I Leasing was the worst performing stock, declining by 10 per cent to close at N3.78. Prestige shed 9.80 per cent to close at N0.46. Cornerstone fell to N0.51, losing 3.77 per cent.

Mutual Benefits slumped to N0.26, recording 3.70 per cent depreciation. UPDC closed at N1.12, going down by 3.45 per cent.


In all, 247.7 million shares estimated at N3.6 billion were traded in 4,242 deals.

GTCO was the most active stock with 24.5 million units of its shares worth N625.3 million traded in 408 deals.

Courteville shares of 21.4 million units priced at N11.8 million exchanged hands in 58 transactions. Transcorp had 20.4 million shares valued at N21.6 million traded in 129 deals.

Zenith Bank traded 17.3 million shares estimated at N440.5 million in 378 transactions. Chams traded 16.6 million shares valued at N3.3 million in 34 deals.

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