Nigerian stocks weakened further on Friday as the benchmark index narrowed by 1.24 per cent, taking a bashing from investors’ frantic efforts to swiftly dispose shares and cash in after gains had gradually accumulated for some days.

Shares began to plateau on Thursday, but the downward shift gained pace by as much as N247 billion the session after as the bears stormed the mark in full force with their eyes on the heaps of gains garnered in the nine days to July 4.

At the forefront of the retreat was Airtel Africa, with Vitafoam, NAHCO and Eterna also stoking the loss.

Market breadth, which measures the depth of investors’ faith in the market, closed on a negative note was as 21 losers emerged, compared to 20 gainers.

The all-share index toppled by 475.68 basis points to close at 37,994.19, while market capitalisation closed at N19.796 trillion.

Between January and now, the index is down 1.24 per cent.

TOP FIVE GAINERS

FTN Cocoa led the gainers’ chart, appreciating by 9.68 per cent to close at N0.34. John Holt went up by 8.96 per cent to N0.73. Unity Bank rose to N0.59, notching up 7.27 per cent.

Neimeth added 5.88 per cent to end trade at N1.80. WAPIC completed the top 5, climbing by 5.36 per cent to N0.59.

TOP FIVE LOSERS

Airtel Africa led losers, declining by 9.99 per cent to close at N601. NAHCO shed 9.65 per cent to close at N2.34.

NEM fell to N2, losing 9.09 per cent. Regal Insurance slumped to N0.45, recording 8.16 per cent decline. Wapic closed at N3.11, going down by 6.04 per cent.

TOP FIVE TRADES

GTCO was the most active stock with 30.971 million of its shares worth N909.731 million traded in 279 deals. Courteville traded 22.179 million shares priced at N4.845 million in 34 transactions.

Chams had 12.001 million shares valued at N2.401 million traded in 24 deals. Fidelity traded 11.506 million shares estimated at N26.602 million in 98 transactions. Transcorp traded 10.942 million shares valued at N10.209 million in 86 deals.

PT