Sell-offs resume in Nigerian stock market, catalyzed by Ecobank, Fidson

Nigerian bourse ended the fourth trading session on a negative note. Nigeria’s All-share index depreciated by 0.31% today to 40,095.49 index points.

Year-to-date return and market capitalization settled at -0.43% and N20.97 trillion respectively.

• A total volume of 326.0 million units of shares, valued at N3.7 1billion exchanged hands in 4,567 deals.
• Across coverage sectors, the performance was mostly negative as most tracked indices finished south. The NSE banking, consumer goods, and oil & gas fell by 1.44%, 0.79%, and 0.15% respectively.
• On the flip side, the NSE insurance improved by 0.24%, while the industrial index closed flat.
• Investor sentiment as measured by market breadth was negative with 24 decliners and 14 advancers. LASACO (-9.68%) led the laggards today, while CHAMS (+9.09%) finished top gainer.

Top gainers

1. CHAMS up 9.09% to close at N0.24
2. ROYALEX up 8.00% to close at N0.27
3. WEMABANK up 7.69% to close at N0.7
4. REDSTAREX up 5.77% to close at N3.3
5. PRESTIGE up 4.55% to close at N0.46

Top losers

1. LASACO down 9.68% to close at N1.24
2. FIDSON down 8.41% to close at N4.9
3. ETI down 6.31% to close at N5.2
4. MBENEFIT down 5.13% to close at N0.37
5. UACN down 5.03% to close at N7.55

Outlook

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

• Downtrend was driven by price depreciation medium and large capitalized stocks amongst which are; ETI, FIDSON, UACN.
• That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.