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Nigerian stocks slide further as investors take profit

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MTN Nigeria, Flour Mills and Zenith Bank triggered the decline even though transaction volume improved by 48 per cent and turnover by 4 per cent.

Nigerian stocks were 0.35 per cent weaker on Tuesday, extending the slide that started at the previous trading session as profit-taking actions in some big-cap shares weighed., Flour Mills and Zenith Bank triggered the decline even though transaction volume improved by 48 per cent and turnover by 4 per cent.

Market breadth was negative as 27 losers emerged in contrast to 21 gainers. The rest 70 participating stocks saw no price movement. NPF Microfinance Bank dropped to N1.95, losing 8.02 per cent. Japaul Gold dipped to N0.30, recording 6.25 per cent loss. Champion Breweries closed at N3.70, going down by 6.09 per cent.Jaiz was the most preferred stock, trading 172.1 million shares worth N151.8 million in 141 deals.

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