Nigerian stock market loses N100 billion in a single day

The Nigerian Stock Exchange market made another bearish end on Thursday, posting a loss at the end of the trading session. The All-Share Index decreased by -0.33% to close at 38,916.74 from the 39,045.13 index points which gives support to the loss recorded on Wednesday.

• The Nigerian Stock Exchange market value currently stands at N20.45 trillion from N20.55 trillion. Its Year-to-Date (YTD) returns currently stand at -3.04% making a loss of N100 billion.
• The market breadth closed negative for the third time this week as UACN led 28 Gainers, and FTNCOCOA topped the 12 Losers chart, showing a consolidation as movement is uncertain.

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Top gainers

1. UACN up 10.0% to close at N9.90
2. ROYALEX up 10.0% to close at N33
3. JAPAULGOLD up 9.76% to close at N0.45
4. CUTIX up 9.31% to close at N2.23
5. LINKASSURE up 9.09% to close at N0.72

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Top losers

1. FTNCOCOA down 8.70% to close at N0.42
2. NEM down 7.39% to close at N2.13
3. UNITYBNK down 6.67% to close at N0.70
4. REGALINS down 3.33% to close at N0.29
5. LIVESTOCK down 2.60% to close at N1.87

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Outlook

Nigerian stocks started the third trading session of the week bearish. Trading turnover on Wednesday’s trading session was boosted by UACN, ROYALEX and JAPAULGOLD.

• Market sentiments trend towards consolidation as 12 losers outweigh 28 winners.
• Nairametrics however, advises cautious buying in this era of growing uncertainties.