Nigerian stocks end lower as Transcorp leads losers

The Nigerian stock market finished lower on Wednesday, with Transnational Corporation Plc emerging as the biggest losers at the end of trading.

The All Share Index of the Nigerian Exchange Limited fell by 0.17 percent to 52,207.77 basis points while the market capitalisation dropped to N28.43 trillion.

Eighteen firms saw their share prices decline while 22, led by Ardova Plc (formerly Forte Oil Plc), recorded gains.

Markets Reporters had reported earlier that the stock market had halted its seven-day winning streak on Tuesday.

Last week, the market posted a gain for the first time since the week ended March 10. It was propped up by the trading of the Transcorp shares by two tycoons: Tony Elumelu, its chairman, and Femi Otedola, who chairs Geregu Power. Otedola had bought Transcorp shares to become a major shareholder, and then Elumelu raised its stake in the company to over 25 percent but Otedola reportedly later sold his shares.