Nigerian stock market, on Wednesday, reversed its previous day gains, as the All-Share Index plunged by 0.54% to close at 24,650.16 points. Consequently, the YTD performance waned to 8.07%.
Trading volume decreased by 11.52% while value fell by 17.08%. Investors traded a total of 150 million units of shares valued at ₦1.97 billion in 3,780 deals.
Market sentiment mirrored the All Share Index with 18 losers against 16 gainers. TOTAL and SEPLAT were the top losers of the day with -9.95% and -9.82% declines, while BERGER PAINTS and OKOMU OIL recorded the largest gains with +10.00% and +6.31% appreciation in share value.
Performance across sectors was significantly bearish except for the Insurance index which appreciated by 0.43% due to gains recorded in MBENEFIT (+10.00%) and AIICO (+1.08%). The Oil & Gas index depreciated the most by -5.20% on sell-offs in the shares of TOTAL (-9.95%) and SEPLAT (-9.82%).
Similarly, the Banking and Consumer Goods indexes trailed to distantly dip by 0.45% and 0.13% due to price decline in GUARANTY (-3.00%); UACN (-6.85%) and PZ (-3.70%). The Oil and Gas Index closed flat.
Top gainers
BERGER up 10.00% to close at N6.05, OKOMUOIL up 6.31% to close at N74.95, OANDO up 5.58% to close at N2.27, UCAP up 3.25 % to close at N2.86, ZENITHBANK up 2.83% to close at N16.35
Top Losers
TOTAL down 9.95% to close at N87.8SEPLAT down 9.82% to close at N282, JBERGER down 6.25% to close at N15, GUARANTY down 3.00% to close at N22.6, MTNN down 1.67% to close at N118.
Outlook
Nigerian energy stocks recorded significant losses, triggered by falling crude oil prices and the resurgence in COVID-19 caseloads. Nairametrics envisages cautious buying as market liquidity remains a great concern among investors.
