Bears dominate the Nigerian stock market

The Nigerian Stock Exchange market made another bearish end at Wednesday’s trading session posting a loss at the end of the session. The All-Share Index decreased by -1.33% to close at 38,781.48 index points.

• Nigerian Stock Exchange market value currently stands at N20.3Trillion. Its Year-to-Date (YTD) returns currently stand at -3.04%.
• The market breadth closed negative for the 2^nd time this week as CHIPLC led 19 Gainers, and 25 Losers topped by FTNCOCOA at the end of today’s session showing a consolidation as movement is not certain.

Top gainers

1. CHIPLC up +10.0% to close at N0.33
2. PORTPAINT up +8.33% to close at N 60
3. ROYALEX up +7.14% to close at N0.45
4. ABCTRANS up +6.90% to close at N0.31
5. JAPAULGOLD up +5.17% to close at N0.61

Top losers

1. FTNCOCOA down -10.00% to close at N0.36
2. NEIMETH down -8.95% to close at N1.73
3. INTBREW down -8.77% to close at N5.20
4. PZ down -7.41% to close at N5.00
5. DANGCEM down -7.27% to close at N204.00

Outlook

The Nigerian Stock Market took another bearish turn plunging last week’s Bull run further downwards. Some analysts expect the NSE ASI to make a bullish recovery before the end of the week

• Market sentiments trend towards bears as 19 losers outweighed 25 winners.
• Nairametrics, however, advises cautious buying in this era of growing uncertainties.