Nigerian stock bulls & bears battle ends in a near stalemate

Nigerian stocks ended the third trading session of the week on a slightly bearish note. The All Share Index drifted lower slightly 0.04% to close at 38,706.13 index points as against the +0.41% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stand at -3.89%.

• Nigerian Stock Exchange market value currently stands at N20.251 trillion.
• Nigerian bourse trading turnover also printed negative as volume dipped by -19.68% as against +19.69% uptick recorded on Tuesday. GUARANTY, ZENITHBANK, and UBA were the most active to boost market turnover.
• The market breadth closed positive as WAPIC led 12 Gainers as against 11 Losers topped by NCR at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

1. WAPIC up 10.00% to close at N0.55
2. SFSREIT up 9.94% to close at N68.6
3. OANDO up 9.67% to close at N3.29
4. UNITYBNK up 9.09% to close at N0.72
5. LIVESTOCK up 2.63% to close at N1.95

Top losers

1. NCR down 9.71% to close at N2.79
2. NEIMETH down 9.09% to close at N1.9
3. VITAFOAM down 5.16% to close at N7.35
4. MANSARD down 5.05% to close at N0.94
5. NEM down 4.57% to close at N2.09

Outlook

Nigerian Stocks ended the mid-week trading session on a slightly bearish note, amid falling oil prices prevailing at the U.S trading session.

• That said, significant gains from decent capitalized Stocks that include Oando, Unity Bank, Livestock Feeds couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among a significant number of insurance stocks except for WAPIC.
• Nairametrics envisages cautious buying, on the sentiments that recent price action shows further market correction in the near term.