Nigerian stocks cringed by 0.25 per cent on Monday as trade volume crashed by more than three-fourths, stoking fears as to when lasting buoyancy will return to the market.and GTCO, two heavyweight equities, triggered the pullback, which in monetary terms equalled N51 billion.
“We expect the market to remain in a lull, with occasional bargain hunting until 9M-2021 results are released,” broker United Capital said in its outlook for stocks this week seen by PREMIUM TIMES. The bright spot for Monday trade could be found in market breadth, an indicator of investors’ attitude towards trade, which closed on a positive note, with 20 gainers reported compared to 12 laggards.
The all-share index dropped 97.95 points to 38,864.33, while market capitalisation dipped to N20.3 trillion.UPL led gainers, appreciating by 9.80 per cent to close at N1.12. Transcorp Hotel went up by 9.70 per cent to N5.43. Courteville rose to N0.35, notching up 9.38 per cent in the process. Oando added 6.07 per cent to end the trade at N5.24. Cutix completed the top 5, climbing by 5.38 per cent to N4.90.