Nigerian stock market ended the week trading session on a bearish note, extending its previous day loss. The All-Share Index and Market Capitalization down by 0.16% to 24,336.12 points and N12.695billion respectively. Thus, YTD performance stands at -9.35%.
Similarly, market turnover finished lower compared to the previous trading session. Total volume and value of stocks traded decreased by 19.88% and 17.59% to 144.31 million units and N1.52 billion respectively.
GUARANTY was the most traded stock by volume at 29.1million units, followed by ZENITHBANK, with 27.2 million units of trades.
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Market sentiment, as measured by market breadth, was negative as 27 tickers declined, relative to 9 gainers.
REDSTAREX and UACN were the top losers of the day with 10.00% apiece price decline, while IKEJAHOTEL and WEMABANK topped the gainers with 9.68% and 5.77% appreciation in share value.
Performance across sectors mirrored the broad index. All indexes closed in the negative terrain with the exception of the Banking Index, which gained 0.32%. The Consumer Goods Index (1.07%) was the biggest loser of the day due to losses recorded in UACN (-10.00%) and NB (-5.68%).
The Insurance, Oil and Gas and Industrial Goods indexes trailed to shed 0.61%, 0.13% and 0.04% respectively, due to price depreciation in AIICO (-3.37%), ARDOVA (-1.27%) and WAPCO (-0.96%)
Top gainers
IKEJAHOTEL up 9.68% to trade at N1.02,WEMABANK up 5.77% to trade at N0.55,ZENITHBANK up 3.04% to trade at N15.25,FCMB up 2.27% to trade at N1.8,GUARANTY up 0.48% to trade at N20.8
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Top Losers
UACN down 10.00% to close at N7.2 REDSTAREX down 10.00% to close at N2.97, JBERGER down 7.56% to close at N18.35NB down 5.68% to close at N34.05, NASCON down 1.96% to close at N10
Outlook
Sell-offs in UACN, JBERGER and NB dragged the Nigerian bourse down coupled with thin liquidity in the Nigerian Stock Market. Nairametrics envisages cautious buying of Nigerian stocks, as Institutional investors remain on the sidelines.
