GTBank, PZ, UNILEVER drop, Nigerian stock investors lose N74 billion

Nigerian Stocks ended the first trading session of the week on a bearish note.

The All Share Index dipped by 0.34% to close at 41,566.86 index points as against the -0.18% plunge recorded last Friday. Its Year-to-Date (YTD) returns currently stands at +3.22%. Investors lose N74.4 billion.

• Nigerian bourse trading turnover on Monday dipped lower as volume plunged by 29.43% as against 23.39% drop recorded at its last trading session. UBN, FBNH and ACCESS were the most active to boost market turnover.
• The market breadth closed positive as UPDCREIT led 23 Gainers as against 16 Losers topped by CHAMPION at the end of today’s session – an improved performance when compared with the previous outlook.

READ: CADBURY, GUINNESS plunge amid profit-taking at Nigeria’s stock market

Top gainers

1. UPDCREIT up 9.09% to close at N6
2. FIDSON up 8.30% to close at N6
3. AFRIPRUD up 8.21% to close at N7.25
4. GUINNESS up 4.47% to close at N19.85
5. UBA up 4.14% to close at N8.8

READ: Nestle, Access Bank, Vitafoam plunge, investors lose N29 billion

Top losers

1. CHAMPION down 9.75% to close at N2.5
2. PZ down 9.73% to close at N5.1
3. GUARANTY down 8.75% to close at N32.85
4. UNILEVER down 2.05% to close at N14.3
5. FLOURMILL down 1.43% to close at N31

Outlook

Nigerian stocks ended the first trading session of the week on a bearish note, amid soaring oil prices prevailing at the U.S trading session.

• At the time of writing this report, Brent crude was trading around $60/barrel.
• Nairametrics envisages cautious buying, on the sentiments that recent price actions reveal Nigerian stocks’ bullish run is softening in the near term.
• However, stock traders anticipate more upsides are still in play for the long term at the world’s most outstanding stock market.