Nigerian bourse reversed its bullish trend as price decline from blue-chip stocks like NB dragged the Nigerian stock market to a negative close.
The All-Share Index (ASI) declined by 0.16 % to 24,933.41 points. Market Capitalization closed at N13 trillion, down by 0.16% from the previous close of N13.027 trillion, thereby loosing N20.5 billion.
Accordingly, the Month-to-Date and Year-to-Date losses print at -1.36% and -7.16 percent, respectively.
Similarly, market turnover finished lower compared to the previous trading session. Total volume and value of stocks traded decreased by 35.63% and 18.39% to 171.20 million units and N2.21 billion respectively in 3,315 deals.
FCMB was the most traded stock by volume at 32.36 million units while GUARANTY was the most traded stock by value at N707.90 million.
Market sentiment, as measured by market breadth, was negative as 10 tickers declined, relative to 9 gainers. FIDSON and NB were the top losers of the day with 9.71 percent and 9.52 declines, while CILEASING and AIICO recorded the largest gains with 9.52 percent and 8.99 percent appreciation in share value.
Across sectors, the performance was mixed. The Consumer Goods Index (-1.83) led the laggards, as price decline in NB pressured the index.
(READ MORE: Nigerian Stock Market starts the week red, Investors lose N119.15 billion)
The Banking index trailed distantly to shed -0.05%, on the back of depreciation in JAIZBANK (-8.96%) and ACCESS (-0.73%). Meanwhile, Renewed Investors’ interest in AIICO (+8.99%) and MBENEFIT (+4.76%) pushed the Insurance index up by 1.21%, while the industrial index remained unchanged.
Top gainers
CILEASING up 9.52% to close at N4.6, AIICO up 8.99% to close at N0.97, MTNN up 0.43% to close at N115.5, OANDO up 4.08% to close at N2.55, GUARANTY up 0.65% to close at N23.15
Top Losers
FIDSON down 9.71% to close at N3.07, NB down 9.52% to close at N38, NEIMETH down 9.52% to close at N1.71, JAIZBANK down 8.96% to close at N0.61, NPFMCRFBK down 7.28% to close at N1.4
Outlook
The market reversed most gains captured yesterday, as liquidity remained very thin. Nairametrics envisages you seek the recommendation of stocks from a certified financial advisor, as market fundamentals show high unpredictability.
