Nestle, First Bank Halt Nigerian Stock Rally on Profit-Taking

 Nestle, First Bank Halt Nigerian Stock Rally on Profit-Taking

Nestle, First Bank Halt Nigerian Stock Rally on Profit-Taking.

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Investors pocketed gains that had accumulated during the week as Nigerian stocks fell by 0.71% on Monday.

The all-share index closed at 41,144.67 index points, while market capitalization dropped to N21.5 trillion. Since the start of the year, the index has gained 2.17%.

A sell-off in shares of FBN Holdings set the retreat in motion, which was fueled by profit-taking actions by Nestle and United Capital.

As a result, the consumer goods index was the worst hit of the five sector indices tracked by the bourse, falling 2.53%.

Despite Nigerian bulls’ exhaustion, market participants expect a strong earnings season for Q3-2021 to sustain the rally.

There were 5,866 transactions involving 338.7 million shares valued at N4.1 billion.

In 718 transactions, FBN Holdings traded 67.6 million shares worth N832.8 million. The shares of Access Bank valued at N351.2 million were sold in 298 transactions.

There were 21 losers compared to 19 gainers in market breadth, an indicator of investor confidence.

Top 5 gainers

With a gain of 9.86% to close at N19.5, NGXGroup led gainers. To end trading at N1.15, Ikeja Hotels gained 9.52%.

 Custodian rose 7.53% to N7.85, while Honeywell closed at N3.78, an increase of 6.48%. CAMs closed at N0.23, up 4.55%.

Top 5 losers

Among today’s losers, May & Baker dropped 8.02% to close at N4.36. The Royal Exchange shed 7.81% to end trading at N0.59. Meanwhile, NPF Microfinance Bank fell to N1.71, losing 7.57%.

The share price of FBNH Holdings dropped to N11.75, recording a 7.48% decline. The share price of Mutual Benefits fell by 6.67% to N0.28.

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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