Nigerian stocks retreat for fourth day as funds chase securities promising higher yields

slipped for fourth straight trading day Tuesday by 0.39 per cent, in a rout led by blue-chip bank stocks as there were no hints yet as to when the gloomy climate over a market that lost N624 billion in the year to March would end.

Yields in the fixed income market are healing after taking a blow from two benchmark rate cuts by the central bank last year, and investors are betting on government bonds, which offer a low-risk payout when compared with stocks. “The market will be bearish in the first half, and after this result season we expect a further depression because there will be no further catalysts,” Ayodeji Ebo, retail investment lead at broker Chapel Hill Denham“If I can get a one-year Treasury bill at 7% now, why will I take a risk of 8 or 9%?”

The banking index contracted 1.67 per cent to 350.36 basis points, with top-tier lenders GTB and Zenith Bank worst hit.The all-share index slipped 150.13 basis points to 38,766.61, while market capitalisation closed lower at N20.283 trillion.Eterna led gainers, appreciating by 9.91 per cent to close at N5.99. Linkage Assurance rose to N0.79, notching up 9.72 per cent in the process. Royal Exchange added 9.09 per cent to end today’s trade at N0.36. Japaul Gold went up by 8.89 per cent to N0.49.

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