RT Briscoe Rally Stalls as Stock Falls 6% to N10.05

RT Briscoe Nigeria Plc’s recent rally stalled on Monday as the stock declined 6.07 percent to N10.05 after recording strong gains in the previous two trading sessions.

The company’s share price fell by N0.65 from N10.70 recorded on Friday, placing RT Briscoe among the five biggest decliners on the Nigerian Exchange (NGX) during Monday’s session.

The decline interrupted a two-session rally that had pushed the stock above N10.

RT Briscoe gained 9.55 percent on Thursday, September 24, rising from N8.90 to N9.75.

Buying momentum continued on Friday when the stock advanced another 9.74 percent, gaining N0.95 to close at N10.70.

Across the two sessions, RT Briscoe climbed from N8.90 to N10.70, representing an increase of N1.80 or approximately 20.2 percent.

Monday’s decline erased part of those gains, bringing the stock back to N10.05. However, the closing price remained N1.15, or approximately 12.9 percent, above its N8.90 level before the two-session rally began.

RT Briscoe was the third-biggest percentage decliner during Monday’s session.

Fortis Global Insurance led the losers after falling 9.50 percent from N2 to N1.81, while Trans-Nationwide Express declined 8.47 percent from N2.95 to N2.70.

Wapic Insurance dropped 6.03 percent to N2.18, while Omatek Ventures declined 4.73 percent to N1.41.

The broader equities market moved in the opposite direction with the NGX All-Share Index gaining 0.18 percent to 252,566.84 points.

Equity market capitalisation also increased by approximately N299.36 billion to N163.95 trillion from N163.66 trillion in the previous session.

Investors exchanged 1.014 billion shares valued at N39.02 billion across 61,517 deals during Monday’s trading.

Despite Monday’s pullback, RT Briscoe retained a substantial portion of the gains accumulated during Thursday and Friday, closing at N10.05 compared with N8.90 before the rally began.