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Nigerian stocks fall further as investors dump bank shares

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Big lenders UBA and GTCO led the slide, which happened against a background of 64 per cent decline in volume.

depleted by 0.91 per cent, the steepest fall of all the five sector indexes tracked by the bourse.

“This week, we expect to see the last of Q1 rallies as investors will purchase stocks for remaining on the register for dividend payments,” said analysts at investment bank United Capital.Market breath was negative, with 22 losers recorded compared to 15 gainers. The all-share index closed 30.74 points lower at 47,251.93. Market capitalisation declined to N25.5 trillion.Guinness led gainers, growing by 10 per cent to close at N71.50. Royal Exchange gained 8.33 per cent, jumping to N1.30. Mutual Benefits leapt to N0.27, notching up 8 per cent in the process. Lasaco rose by 6 per cent to N1.06. Livestock completed the top 5, climbing up by 5.62 per cent to N1.69.UBA topped the losers’ table, declining by 10.40 per cent to close at N7.75.

 

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