Breaking News in Nigeria Today

NSE records 2nd consecutive loss, sheds -2.89%

NSEEquities trading on the Nigerian Stock Exchange (NSE) went bearish as All Share Index (ASI) depreciated by 2.89 per cent, while market capitalisation depreciated by 2.86 per cent to close the week at 35,446.47 and N12.941 trillion respectively last week.

The performance of the local bourse was largely negative as the ASI declined on all trading sessions. As a result, the benchmark index closed the week in the red for the second consecutive week as investors existed positions in some market bellwethers following the release of some unimpressive H1:2018 results, Analysts at Afrinvest observed.

At the start of the week, the bearish trend from the prior week was sustained as sell pressures in high cap stocks of Dangote Cement, Nigerian Breweries and Flour Mills, dragged the ASI 6bps lower. On Tuesday and Wednesday, sell offs persisted with Seplat, Guaranty Trust Bank, Zenith, United Bank Africa recording losses. By the close of the week, the ASI had shed 290bps as FBN Holdings, Mobil, Dangote Cement, ETI, WAPCO witnessed sell pressures.

The top traded stocks by volume were United Bank of Africa, Wema Bank and Zenith Bank while Guaranty Trust Bank, Zenith Bank and United Bank of Africa were the top traded stocks by value.

Market breadth (advance/decline ratio), a measure of investor sentiment weakened to 0.4x from 0.8x recorded the previous week as 20 stocks advanced against 46 that declined. The best performing stocks were Neimeth (+33.3%), Niger Insurance (+30.0%) and AIRSERVICE (+10.0%) while NSLTECH (-19.4%), Cornerstone (-13.8%) and IKEJAHOTEL (-10.9%) were the worst performing stocks for the week. Next week, we expect investors’ bargain hunting activities to buoy market performance albeit marginally after a 6-day bearish run.


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More