Nigerian stocks fell for the second consecutive trading day on Tuesday as the main equity index lost 0.16 per cent after traders dumped a number of mid-cap stocks.
“Although we anticipate continued profit-taking, we also expect investors to begin bargain hunting by cherry-picking fundamentally sound stocks at a discount,” said analysts at brokerage firm and investment bank United Capital. , which measures the depth of investors’ sentiment towards trade, was negative as 26 losers emerged relative to 9 gainers. The all-share index fell 86.7 points to 53,113.6, while market capitalisation declined to N28.6 trillion.Access Holdings, Ecobank, Cornerstone top stocks to watch this weekPublisher Learn Africa led gainers, appreciating by 9.72 per cent to close at N2.37. Sovereign Trust went up 9.38 per cent to N0.35. WAPIC rose to N0.42, notching up 5 per cent. Sterling Bank added 1.
FCMB was the most active stock with 52.1 million units of its shares worth N182.3 Million traded in 54 deals. UBA shares of 47.7 million units, priced at N365.3 million, exchanged hands in 211 transactions. Fidelity had 39.3 million shares valued at N52.2 million traded in 236 deals. Access Holdings traded 30.1 million shares estimated at N293.9 million in 194 transactions. GTCO traded 20.4 million shares valued at N446.1 million in 658 deals.