Zenith Bank, Ecobank, dampen Nigerian stocks rally

Nigeria stocks ended Tuesday’s trading session on a slightly bearish note. The All Share Index dropped by -0.05% to close at 38,704.97 index points as against the +0.89% gain recorded on Monday. 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 printed positive as volume ticked up by +48.03% as against the -4.60% downtick recorded on Monday.
• The market breadth closed negative as CAP led 19 Gainers as against 21 Losers topped by LIVESTOCK at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

1. WAPIC up 10.00% to close at N0.55
2. CAP up 10.00% to close at N22
3. NPFMCRFBK up 9.94% to close at N1.77
4. JBERGER up 9.89% to close at N20.55
5. FTNCOCOA up 9.30% to close at N0.47

Top losers

1. LIVESTOCK down 9.52% to close at N1.9
2. CHAMS down 8.70% to close at N0.21
3. CORNERST down 6.67% to close at N0.56
4. CHAMPION down 6.25% to close at N2.1
5. ETI down 5.88% to close at N4.8

Outlook

Nigerian Stocks ended the second session on a near stalemate, amid falling oil prices. The Nigerian ASI moderated by 5 bps in today’s session as investors stepped up selling pressure in lenders – ZENITHBANK and ETI.

• Shares of ETI notably declined by 5.88% as investors took profits following the 5.15% jump the previous session.
• Nairametrics envisages cautious buying, on the sentiments that recent price actions hint at further market correction in the near term.