MRS, others dip as FCMB, LINKASSURE and ETERNA record gains

The Nigerian Stock Exchange market made another bearish end posting a loss at the end of the trading session. The All-Share Index decreased by -0.39% to close at 38,766.61 from the 38,916.74 index points.

• The NSE market value currently stands at N20.37 trillion from N20.45 trillion. Its Year-to-Date (YTD) returns currently stand at -3.37%.
• The market closed beneath expectation as ETERNA led 14 Gainers, and MRS topped the list of 21 Losers, showing a bearish movement by the NSE ASI.

Top gainers

1. ETERNA up +9.91%to close at N5.99
2. LINKASSURE up +9.72% to close at N 0.79
3. ROYALEX up +9.09% to close at N0.36
4. JAPAULGOLD up +8.89% to close at 0.49
5. FCMB up +4.59% to close at N2.96

Top losers

1. MRS down -9.92% to close at N10.90
2. ALEX down 9.88% to close at N7.30
3. CHIPLC down 9.38% to close at N0.29
4. STERLNBANK down 8.65% to close at N1.69
5. GUINNESS down 8.08% to close at N33.00

Outlook

Nairametrics had a chat with an active participator in the stock market Mr Olatunji Olubode Adegboye, MD/CEO of Edgefield Capital Management Limited. He opines that we should be looking forward to a sell-off tomorrow saying, “Tomorrow, the market outlook is not expected to deviate from today’s performance.”

He also gave his perspective of potentially profitable stocks saying, “As we await the first-quarter results of quoted companies, the following stocks are on our watchlist. They are Zenith Bank Plc, Guaranty, Flourmills Plc, UCAP, and WAPCO.”

Trading turnover on Wednesday’s trading session was boosted by UACN, ACCESS, and FBNH.

Nairametrics advises cautious buying in this era of growing uncertainties.