Sell-offs resume in Nigerian stock market, catalyzed by Ecobank, Fidson

Investor sentiment as measured by market breadth was negative with 24 decliners and 14 advancers.

By Olumide Adesina

Nigerian bourse ended the fourth trading session on a negative note. Nigeria’s All-share index depreciated by 0.31% today to 40,095.49 index points.

Year-to-date return and market capitalization settled at -0.43% and N20.97 trillion respectively.

• A total volume of 326.0 million units of shares, valued at N3.7 1billion exchanged hands in 4,567 deals.
• Across coverage sectors, the performance was mostly negative as most tracked indices finished south. The NSE banking, consumer goods, and oil & gas fell by 1.44%, 0.79%, and 0.15% respectively.
• On the flip side, the NSE insurance improved by 0.24%, while the industrial index closed flat.
• Investor sentiment as measured by market breadth was negative with 24 decliners and 14 advancers. LASACO (-9.68%) led the laggards today, while CHAMS (+9.09%) finished top gainer.

Top gainers

1. CHAMS up 9.09% to close at N0.24
2. ROYALEX up 8.00% to close at N0.27
3. WEMABANK up 7.69% to close at N0.7
4. REDSTAREX up 5.77% to close at N3.3
5. PRESTIGE up 4.55% to close at N0.46

Top losers

1. LASACO down 9.68% to close at N1.24
2. FIDSON down 8.41% to close at N4.9
3. ETI down 6.31% to close at N5.2
4. MBENEFIT down 5.13% to close at N0.37
5. UACN down 5.03% to close at N7.55

Outlook

Nigerian stocks ended the second trading session of the week on a bearish note amid profit-taking across the market spectrum.

• Downtrend was driven by price depreciation medium and large capitalized stocks amongst which are; ETI, FIDSON, UACN.
• That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.