Investors lose N162 billion amidst buying pressure from ZENITH, GTBANK

Nigerian bourse continued its bearish trend, taking no rest from previous week losses as the ASI dipped further by 1.27% to 24,026.05 index points on Monday.  

Market capitalization shed N161.59 billion to settle at N12.533 trillion. Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.85% and -10.52%, respectively. 

Activity levels closed strong, compared to the previous trading session, as total volume and value increased by 31.45% and 83.21% to 189.69million units and N2.78billion respectively. GUARANTY was the most traded by volume and value at 60.46million units and N1.27billion. 

Market sentiment, as measured by market breadth, was negative as 17 tickers declined, relative to 14 gainers. BETAGALSS and JBERGER were the top losers of the day with 9.95% and 9.81% price decline, while NAHCO and ZENITHBANK topped the gainers with 10.00% and 5.25% appreciation in share value. 

Performance across sectors mirrored the broad index as three out of the five major sub-indexes we cover posted losses. Price appreciation in ZENITH and GUARANTY spurred a +1.51% gain in the Banking Index, trailed by the Insurance Index, which appreciated by 1.05%, as CORNERSTONE & AIICO INSURANCE gained.  

The Consumer goods index led the laggards with (-3.18%), on Nestle -6.51% decline.  The Industrial Index -2.35% followed, due to losses in BUACEMENT (-5.00%), while the Oil and Gas index declined distantly by- 0.04%, impelled by losses in OANDO. 

 

Top gainers 

NAHCO up 10.00% to close at N2.2, ZENITHBANK up 5.25% to close at N16.05, FLOURMILL up 5.11% to close at N18.5, UBN up  1.87% to close at N5.45, GUARANTY up 0.96% to close at N21. 

Top losers 

BETAGLAS down 9.95% to close at N61.55, JBERGER down 9.81% to close at N16.55 NESTLE down 6.51%  to close at N1175, BUACEMENT down 5.00% to close at N39.9, CILEASING down 8.43% to close at N3.8,  

Outlook 

Blue-chip heavyweights, BUACEMENT, NESTLE dragged the Nigerian bourse lower on Monday’s trading session, as market liquidity improved slightly. Nairametrics recommends cautious buying as economic uncertainty strengthens amidst Q2 earning result season. 



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