It was a free fall today as the Nigerian stock market yet again closed lower than the previous day.
The market shed 0.3% to close at 37136 points. Remarkably nearly all the heavy weight stocks joined the losers list today. Nestlé, Guinness, Dangote Cement, Dangote Sugar, GTB, Flour Mill, WAPCO, Unilever, Zenith Bank, FBNH, Nascon, Honeywell, ETI, UBA etc all lost ground today.
It’s a remarkable feat and a clear indication of the bearish mood currently engulfing the market.
Ironically, this presents an opportunity of its own for bargain hunters. I ironically will like most of these stocks to shed more value as the further away it loses ground to its intrinsic value the better.
Follow the link below to see all the gainers and losers.