Nigeria’s stock market took a bearish turn following sell-offs in the shares of some bellwether stocks, thus driving the All Share Index (ASI) down by 0.19% to close at 24,779.26 points with a market capitalization of N12.926 trillion, while Month-to-Date and Year-to-Date losses prints at -1.98% and -7.78%, respectively. Investors lost N24.7 billion.
Similarly, market turnover finished lower compared to the previous trading session. Total volume and value of stocks traded decreased by 28.62% and 34.41% to 124.68 million units and N1.31 billion respectively.
JAPAULOIL was the most traded stock by volume at 13.61 million units while GUARANTY was the most traded stock by value at N260.46 million.
Market sentiment, as measured by market breadth, was negative as 25 tickers declined, relative to 12 gainers. STANBIC and ARDOVA were the top losers of the day with -8.33% and 5.09% declines, while NESTLE and FIDSON recorded the largest gains with 7.72% and 7.49% respective appreciation in share value.
Performance across sectors mirrored the broad index. All indexes closed in the negative terrain with the exception of the Consumer Goods Index which closed as the lone gainer. Price decline in BUACEMENT (-2.27%) dragged the Industrial index down by -1.50%. Decline in PRESTIGE, LAWUNION and AIICO resulted in the Insurance Index shedding -0.87%.
The Banking and Oil & Gas index followed, lowered by -0.60% and -0.53% due to price wane in STANBIC (-8.33%), GUARANTY (-1.73%) and ARDOVA (-5.09%). Conversely, gains in NESTLE (+7.72%) spurred the Industrial index to grow +2.10%
NESTLE up 7.72% to close at N1179, FIDSON up 7.49% to close at N3.3, STERLNBANK up 6.67% to close at N1.28, AFRIPRUD up 5.25% to close at N4.21, FCMB up 4.65% to close at N1.8
STANBIC down 8.33% to close at N30.25, ARDOVA down 5.09% to close at N13.05, FLOUR MILL down 3.43% to close at N19.7, NB down 2.63% to close at N37, BUACEMENT down 2.27% to close at N43
Nigerian bourse started on a poor note as market liquidity remained thin, coupled with resurgences in COVID-19 cases. Investors remain on the sidelines.
Nairametrics advises caution when buying Nigerian stocks, as geopolitical uncertainty strengthens.
PRESCO and MEYER upsurges as FCMB and CHIPLC plunge
The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.
The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.
- Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
- The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.
- MEYER up +9.62% to close at N0.57
- PRESCO up +9.58% to close at N78.90
- UNITYBNK up +9.09% to close at N0.60
- UAC-PROP up +7.89% to close at N0.82
- COURTVILLE up +5.00% to close at N0.21
- CHIPLC down -9.52% to close at N0.38
- ROYALEX down -7.69% to close at N0.60
- HONYFLOUR down -5.83% to close at N1.13
- CUTIX down -4.98% to close at N2.10
- FCMB down -3.97% to close at N2.90
The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.
- Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
- Nairametrics advises cautious buying in this era of growing uncertainties.
Wall Street drops from record high amid inflationary concerns
Concerns about inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.
Concerns over accelerating inflation weighed on stocks on Monday, with the Dow Jones Industrial Average snapping back from a record peak, while the dollar struggled at a 10-week low. Concerns regarding inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.
The rise in raw materials prices is fueling debate ahead of a U.S. CPI study due on Wednesday, which is expected to show a strong increase in April. The pandemic shocks a year ago will amplify the year-on-year reading, but it feeds into a wider market fear that the Federal Reserve will be forced to lift interest rates faster than current guidance suggests to keep inflation in check.
Since rising to 1.60 percent earlier this week, the benchmark 10-year Treasury yield has dropped once again. The yield on 10-year Treasuries dipped about one basis point to 1.59%. Investors punished Big Tech equities during the daily session, pushing both the Dow Jones Industrial Average and the S&P 500 off record highs, sending Nasdaq futures lower on Monday evening.
On Monday, investors sold Apple and Microsoft stocks, causing the Dow Jones Industrial Average and the S&P 500 to fall below their all-time highs. To begin the week, each of those stocks had lost at least 2% of their value.
S&P 500 futures were down 0.6 percent while Dow futures were down 67 points. Nasdaq 100 futures were hit by selling pressure and fell 1%. The Nasdaq Composite took the brunt of the selling, falling 2.5 percent to close at its session low. Facebook is down more than 4%, while Amazon and Netflix are also down more than 3%. After Citigroup downgraded Alphabet, the stock fell more than 2%.
After a ransomware attack forced Colonial Pipeline to shut down the country’s largest fuel pipeline over the weekend, gasoline futures swung back and forth in choppy trading on Monday. Sections of the company’s 5,500-mile grid are being brought back online Monday afternoon, and service is expected to be restored by the end of the week, according to the company.
Gasoline futures were 0.31 percent higher at $2.1334 per gallon at the end of the day. Gasoline futures soared as much as $2.217 during the overnight session, the highest amount since May 2018.
Concerns about rising inflation could prompt the Federal Reserve to alter its interest rate policy. As a result, a rise in interest rates decreases market liquidity, resulting in a drop in stock performance.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat Petroleum Development Company postpones Q1 2021 dividend payment date.
- FMDQ approves quotation of MTN’s Commercial Paper worth N73.5 billion.
- MTN Nigeria issues a 7-Year Series 1 bond worth N110 billion.
- Caverton Offshore Support Group reports profit after tax of N520 million in Q1 2021.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.