Nigerian stocks deepen loss as investor sentiment worsens

Nigerian stocks retreated further on Tuesday, weakening 0.27 per cent as investors continued to show readiness to part with shares more than they were willing to hold them.

Beer maker Nigerian Breweries, Zenith, Fidelity and Champion Breweries contributed the most to the slide, with liquidity improving by 41 per cent. United Bank for Africa Tuesday announced delay in publishing of its audited half-year financials, which it said would be issued by 10th September.The benchmark index tumbled 107.06 points to 39,219.61, while market capitalisation declined to N20.4 trillion. Year to date, the index is down by 3.33 per cent.Transcorp Hotels led the flock of advancers, appreciating by 10 per cent to close at N5.17. Honeywell Flour added up 9.74 per cent to end trade at N4.28.

Morison went up by 9.73 per cent to N2.03. FTN Cocoa rose to N0.57, notching up 9.62 per cent in the process. SAHCO completed the top 5, climbing by 9.46 per cent to N4.05.

Source: News Formal (newsformal.com)

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