Nigerian stock Bears & Bulls’ tussle ends in a near stalemate

Nigerian stocks closed the trading session on a slightly negative note. The All Share Index was down by 0.08% to close at 40,154.09 index points. Year-to-date return and market capitalization settled at -0.29% and N21.00 trillion, respectively.

• Investor sentiment as measured by the market breadth also remained negative with 25 losers against 20 gainers.
• Performance across sectors was bearish as 3 of the 5 indexes under our coverage trended southward. The Industrial index led laggards, down 0.55% on the back of price decline in WAPCO (-8.00%).
• UPDCREIT (+9.35%) led the gainer’s chart today, while AFRIPRUD (-9.59%) was the top loser.

Top gainers

1. UPDCREIT up 9.35% to close at N5.85
2. CHIPLC up 9.09% to close at N0.36
3. ACADEMY up 8.57% to close at N0.38
4. CORNERST up 7.81% to close at N0.69
5. UPL up 7.50% to close at N1.29

Top losers

1. AFRIPRUD down 9.59% to close at N6.6
2. LASACO down 9.52% to close at N1.52
3. NIGERINS down 8.70% to close at N0.21
4. WAPCO down 8.00% to close at N23
5. REDSTAREX down 7.42% to close at N3.12

Outlook

Nigerian stocks ended the first trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading above $62/barrel.

• The Insurance and Consumer goods indexes shed 0.13% and 0.08% respectively on account of losses in LASACO (-9.52%), AIICO (-2.61), NEM (-2.44%).
• Conversely, the banking index led gainers, up 0.19% on buy interest in ZENITH BANK (+0.40%) and GUARANTY (+0.33%). The oil and gas trailed by 0.08% as OANDO improved by (+0.98%).
• Nairametrics envisages cautious buying, on the sentiments that recent price action shows further market correction in the near term.