DANGOTE, BUACEMENT weigh on Nigerian stocks, despite gains from Zenith Bank, GTBank

The Nigerian bourse ended the last trading session of the week on a bearish note.

The All Share Index plunged by 1.37% to close at 38,382.39 index points as against the +0.54% gain recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -4.69%.

• On the sectoral front, the Industrial Goods (-4.40%) and the Oil and Gas (-0.22%) sectors closed lower on losses in BUACEMENT (-6.42%) and OANDO (-4.39%).
• Conversely, the Banking (+2.80%), Insurance (+0.94%), and Consumer Goods (+0.08%) sectors closed higher on gains in ZENITHBANK (+2.27%), AIICO (+3.33%), and NASCON (-2.76%
• The market breadth closed positive as IKEJAHOTEL led 25 Gainers as against 11 Losers topped by LASACO at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

1. IKEJAHOTEL up 10.00% to close at N1.1
2. ETERNA up 9.84% to close at N5.58
3. UCAP up 7.37% to close at N5.1
4. UBN up 4.95% to close at N5.3
5. AFRIPRUD up 4.90% to close at N5.35

Top Losers

1. LASACO down 6.92% to close at N1.21
2. BUACEMENT down 6.42% to close at N69.95
3. NEIMETH down 6.32% to close at N1.78
4. COURTVILLE down 4.76% to close at N0.2
5. OANDO down 4.39% to close at N3.05

Outlook

The All Share Index wrapped up a turbulent week on a daunting note, shedding a gaping 1.37% in Friday’s session.

BUACEMENT (-6.42%) and DANGCEM (-3.42%) were the major drivers of the plunge, despite the latter’s announcement of a N16/share dividend recommendation by the board to its shareholders.

Nairametrics advises investors to trade stocks that exhibit good fundamentals amid growing geopolitical uncertainties in key international markets.