Nigerian stocks lost a whopping 2.7% today as the index closed at 27,935.77 for the first time since December 2012. Today’s close takes the sequence of losses to 6 days straight (9% down in total) as the markets react fervently to election postponement and imminent cut in ratings by rating agencies. The 2.73% loss takes this years loss to a whopping 19.39% year to date. Today’s loss was largely driven by DANGCEM which shed 4.61% to close at NGN145 (vs. NGN152 in previous trading day). Volume traded appreciated by 21.24% while market turnover was down by 26.58%. Market cap was N9,321,157,313.97, the lowest since January 2013.
Reports also suggest Nigerian stocks fell in the world’s worst performance today and the worst among 92 global primary gauges tracked by Bloomberg as investors flee the naira for the dollar. Things are likely going to get worse before it gets better as the volatility in the markets continue to intensify. With results expected in the coming weeks, pressure will continue to mount as local investors search for glimmer of hope.
These are the top 5 gainers and losers today
| Top 5 % Gainers | 12-Feb | ||
| CCNN | 9.82 | 0.46 | 4.91% |
| AIRSERVICE | 1.95 | 0.09 | 4.84% |
| FIDELITYBK | 1.22 | 0.04 | 3.39% |
| OKOMUOIL | 27.9 | 0.4 | 1.45% |
| FO | 202 | 2 | 1.00% |
| Top 5 % Losers | 12-Feb | ||
| FLOURMILL | 28 | -2.51 | -8.23% |
| GUARANTY | 17.86 | -1.05 | -5.55% |
| AIICO | 0.76 | -0.04 | -5.00% |
| DANGSUGAR | 6.46 | -0.34 | -5.00% |
| DIAMONDBNK | 3.61 | -0.19 | -5.00% |
