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Nigerian stocks garner N17 billion gain but ebbing trade volume casts gloom

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Friday’s trade plunged by almost half, but gains by Union Bank, which Thursday was acquired by little-known Titan Trust Bank, helped steer the rise.

Nigerian stocks lifted by 0.08 per cent Friday as the value of shares added N16.9 billion, supported by more readiness by investors to hold shares than sell them.

Trade ended with market breadth, often used by market watchers to determine the depth of investors’ sentiment to trade and the possible direction trade will swing next, closing on a negative note as 13 losers were recorded compared to 12 gainers. Sovereign Trust added 8.33 per cent to end trade at N0.26. PZ went up by 7.20 per cent to N6.70. Vitafoam rose to N22.50, notching up 4.41 per cent.TOP FIVE LOSERS

Japaul eased to N0.37, recording 2.63 per cent depreciation. UPDC REIT closed at N4, going down by 2.44.In total, 111.8 million shares estimated at N911.9 million were traded in 2,072 deals.

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