Nigerian stocks weakened for the third trading day on Tuesday as the benchmark index contracted by 0.31 per cent and investors were more inclined to rid themselves of shares than holding them.
“Generally, there is that expectation of some form of correction. Market has gained significantly in the five weeks preceding this week … and I think that it was generally expected that at one point, there will correction,” Timchang Gwatau of brokerage firm Meristem Securities told PREMIUM TIMES. “One thing that actually drove that buying threshold market witnesses in January was there is a lot of liquidity. As at now, that is already drying up.”The all-share index slipped 146.15 points to 47,057.24, while the market capitalisation sank also to N25.4 trillionNigerian stocks regain steam as investors risk appetite deepensPresco led gainers, rising by 10 per cent to N104.50. NEM added 9.97 per cent to end trade at N3.31. Ikeja Hotel went up by 9.77 per cent to N1.46.
GTCO led trade with 32.4 million units of its stocks worth N888.6 million traded in 376 deals. Zenith Bank transacted 24.3 million shares, priced at N653.5 million, in 339 trades. Fidelity had 22.3 million shares valued at N63.9 million traded in 130 deals. Transcorp traded 21.4 million shares estimated at N24.8 million in 135 transactions. NGX Group traded 17.2 million shares valued at N426.6 million in 182 deals.
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