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Nigerian stocks halt five-day slide as bank shares lead rally

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FBN Holdings, Zenith and GTCO set the advance in motion, supported by food giant Nestle.

Nigerian stocks were back to winning way on Monday after three trading days of consecutive decline as investors employed a risk-off approach to investment in a session that saw the benchmark index push up by 0.16 per cent, with banking stocks driving the climb.Nigeria’s biggest flour miller Flour Mills said on Monday it has entered pact with Honeywell Flour and FBN Holdings to acquire 71.69 and 5.06 per cent stakes, being the respective interests of the two companies in Honeywell.

Market breadth, an indicator of investors’ sentiment towards trade, was neutral as 17 gainers were recorded compared to 17 losers.

 

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