Last day of August was bearish for Nigerian stocks

 Last day of August was bearish for Nigerian stocks

Last day of August was bearish for Nigerian stocks.

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As investors continued to show a willingness to part with shares, Nigerian stocks retreated further on Tuesday, dropping 0.27%.

During the day, the benchmark index dropped 107.06 points to settle at 39,219.61 index points, while market capitalization plunged to N20.4 trillion. In terms of the year so far, the index has declined by 3.33%.

Nigerian blue-chip stocks like Nigerian Breweries, Zenith, Fidelity contributed the most to the drop. Liquidity improved 41% between 2006 and 2007.

The half-year audited financials of United Bank for Africa, which was expected to be published by the end of September, were also delayed, which caused some investors to become nervous.

425,7 million shares with an estimated value of N2 Billion were traded in 4,553 transactions in total. As 27 losers outnumbered 16 losers, the market breadth was negative.

Top 5 gainers

N5.17 was the closing price for Transcorp Hotels, which appreciated 10%. Honeywell Flour closed at N4.28 with an increase of 9.74 %.

Morrison gained 9.73% to N2.03. N0.57 was the price of FTN Cocoa while the return was 9.62%. SAHCO rounded out the top 5, climbing by 9.46% to N4.05.

Top 5 Losers

Nigerian Breweries contracted by 9.93% to close at N49.45. Livestock trade ended at N2.11, down 9.83%. Losing 9.74%, Lasaco fell to N1.39 on Tuesday.

A 7.46% depreciation was recorded by UPDC to N1.86. In the closing price, Neimeth dropped by 7.04% to N1.85.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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