Nigerian stocks halt short-lived rally as consumer goods shares lead retreat

Nigerian stocks inched down by 0.01 per cent on Thursday, partly surrendering parts of the paltry gain posted at Wednesday’s trade, as investors cringed mostly from consumer goods equities, stoking worries as to how soon the downturn in the market would end., UPDC, Vitafoam, GTCO and Dangote Cement were put up for sale than the size investors were willing to buy, putting a bourse that had reported four losses in its last five session under more strain.

However, market breadth, which measures the extent of investor confidence in the market, was positive pitting 18 advancing stocks against 16 laggards. The benchmark index was down by 5.65 basis points to 37,866.90 points, while market capitalisation slipped to N19.729 trillion at the end of trade.Sovereign Trust led gainers, growing by 10 per cent to close at N0.33. FTN Cocoa gained 9.76 per cent to close at N0.45. CWG rose by 9.65 per cent to N1.25. AIICO leapt to N1.15, notching up 9.52 per cent in the process. Red Star Express completed the top 5, climbing up by 8.04 per cent to N3.36.Ikeja Hotel topped the losers’ table, declining by 9.

Sovereign Trust was the most preferred stock with 14.947 million of its shares worth N4.754 million traded in 26 deals. Fidelity had 13.481 million shares priced at N32.159 million exchanged hands in 124 transactions. Wapic had 11.956 million shares valued at N6.497 million traded in 40 deals. UPDC traded 11.245 million shares estimated at N15.263Related

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