UBA, WAPCO, NEM drop amid profit-taking 

Nigerian stocks ended the week on a bearish note as the All Share Index declined further by -0.24% today to close at 41,001.99 from 41,099.15 index points.

• Year-to-date and market capitalization similarly fell by -0.24% to settle at 1.82%, and N21.44 trillion respectively.
• A total volume of 591.4 million units of shares, valued at N5.07 billion exchanged hands in 5,767 deals. TRANSCORP (-1.72%) was the most traded shares by volume at 169.2 million units, while ZENITHBANK topped by value at N681 million.
• Market sentiment, as measured by the market breadth, closed negative as 33 stocks lost, relative to 21 gainers. LIVESTOCK (-10.00%) led the laggards today, while NCR (+9.86%) topped the gainers’ list.
• With losses recorded in all sectors, except for the consumer goods sector which advanced by +0.06%, the NSE banking, oil & gas, industrials, and insurance sectors fell by 0.17%, 0.29%, 0.50%, and 7.93%, respectively.

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Top gainers

1. NCR up 9.86% to close at N3.12
2. CUTIX up 9.71% to close at N2.26
3. CHAMPION up 9.55% to close at N1.95
4. REDSTAREX up 3.03% to close at N3.4
5. FLOURMILL up 1.27% to close at N32

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Top losers

1. LIVESTOCK down 10.00% to close at N2.52
2. MRS down 9.68% to close at N11.2
3. NEM down 9.67% to close at N2.43
4. WAPCO down 6.98% to close at N26
5. UBA down 2.79% to close at N8.7

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Outlook

Nigerian stocks ended the last trading session on a bearish note amid profit-taking across the market spectrum.

• Downtrend was driven by price depreciation in large and medium capitalized stocks amongst which are; MRS Oil Nigeria, WAPCO, Lafarge, NEM, and UBA.
• That said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum