GTBank, PZ, UNILEVER drop, Nigerian stock investors lose N74 billion

The market breadth closed positive as UPDCREIT led 23 Gainers as against 16 Losers topped by CHAMPION

Nigerian Stocks ended the first trading session of the week on a bearish note.

By Olumide Adesina

The All Share Index dipped by 0.34% to close at 41,566.86 index points as against the -0.18% plunge recorded last Friday. Its Year-to-Date (YTD) returns currently stands at +3.22%. Investors lose N74.4 billion.

• Nigerian bourse trading turnover on Monday dipped lower as volume plunged by 29.43% as against 23.39% drop recorded at its last trading session. UBN, FBNH and ACCESS were the most active to boost market turnover.
• The market breadth closed positive as UPDCREIT led 23 Gainers as against 16 Losers topped by CHAMPION at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

1. UPDCREIT up 9.09% to close at N6
2. FIDSON up 8.30% to close at N6
3. AFRIPRUD up 8.21% to close at N7.25
4. GUINNESS up 4.47% to close at N19.85
5. UBA up 4.14% to close at N8.8

Top losers

1. CHAMPION down 9.75% to close at N2.5
2. PZ down 9.73% to close at N5.1
3. GUARANTY down 8.75% to close at N32.85
4. UNILEVER down 2.05% to close at N14.3
5. FLOURMILL down 1.43% to close at N31

Outlook

Nigerian stocks ended the first trading session of the week on a bearish note, amid soaring oil prices prevailing at the U.S trading session

• At the time of writing this report, Brent crude was trading around $60/barrel.
• Nairametrics envisages cautious buying, on the sentiments that recent price actions reveal Nigerian stocks’ bullish run is softening in the near term.
• However, stock traders anticipate more upsides are still in play for the long term at the world’s most outstanding stock market.