Nigerian Stock Market starts the week red, Investors lose N119.15 Billion

The Nigerian bourse opened the week on a negative note as the benchmark- All Share Index (ASI) dropped by 0.91% to close at 24,954.25 index points. Investors lost N119.15 billion to close market capitalization at N13.01 trillion as Year-to-Date) returns stood at -7.09%.

Market activity measured by aggregate volume dipped by -29.51%, while value also declined by 52.73%. Investors traded a total of 237.6 million units of shares valued at ₦1.6 billion in 4,808 deals.

FBNH was the most traded stock by volume at 24.3 million units while ZENITH BANK topped by value at N392 million. Market breadth index was negative with 27 losers against 17 gainers. REDSTAREX (+10.00%) led the gainer’s chart while ETI (-7.34%) topped the losers.

Performance across sectors was significantly bearish except for the Insurance index which closed positive. The Banking and Industrial indices depreciated the most by -1.93% and -1.44% due to price decline in of ETI (-7.34%); ZENITHBANK (-2.70%); WAPCO (-2.65%) and BUACEMENT (-1.81%).

Similarly, the Oil & Gas and Consumer Goods indices trailed distantly to shed -0.33% and -0.03% due to negative sentiments in OANDO (-2.08%) and GLAXOSMITH (-5.33%). On the flip side, MANDARD (+8.11%); LASACO (+8.00%) and MBENEFIT (+4.55%) spurred 0.88% appreciation in the Insurance sector.

Top gainers 

ETI down 7.34%  to close at N5.05,GLAXOSMITH down 5.33% to close at N7.1,ZENITHBANK down 2.70% to close at N16.2,BUACEMENT down 1.81% to close at N40.75,MTNN down 1.69% to close at N116.

Top Losers

REDSTAREX up 10.00% to close at N3.63, FIDSON up 10.00% to close at N3.3, MANSARD up  8.11% to close at N2,UBN up 4.07% to close at N6.4, MAYBAKER up 3.61% to close at N3.16.

Outlook  

The trading week is off to a tepid start as stocks slide lower on thin volumes. The performance of the market has been an echo of the current bearish sentiments dominating global equity markets this morning.

Crude oil has not also helped matters, as the hydrocarbon has maintained June’s downward trend.

Nairametrics envisages cautious buying, as macro fundamentals show profit-taking is picking momentum.

 



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