UBA leads losers as stock market reverses gain
The Nigerian stock market reversed Monday’s gain as the United Bank for Africa Plc and 20 other firms recorded price declines on Tuesday.
UBA, which released its audited financial statements on Monday, fell by 10 percent to close at N7.20 per share on Tuesday.
The pan-African banking group reported an increase of 27.7 percent in its profit after tax for the 2020 financial year.
The Nigerian Stock Exchange All-Share Index dropped by 1.80 percent to 38,686.85 basis points on Tuesday while the market capitalisation shed N371 billion to close at N20.24 trillion.
Other top losers at the end of trading on the floor of the NSE were Caverton Offshore Support Group Plc, Northern Nigeria Flour Mills Plc, Greif Nigeria Plc and AXA Mansard Insurance Plc.
Fifteen stocks gained on Tuesday, with Champion Breweries Plc, Neimeth International Pharmaceuticals Plc, Mutual Benefits Assurance Plc, Dangote Sugar Refinery Plc and ABC Transport Plc being the top five gainers.
