Nigerian Stock market began the first trading session in the month of November on a bearish note.
The All Share Index declined by -0.17% and settle at 30,479.39 points, as Investors’ losses stood at N26.81 billion. Consequently, the YTD performance stands at 13.57%. A total volume of 376.6 million units of shares, valued at N3.80billion exchanged hands in 6,050 deals.
- FIDELITYBK was the most traded shares by volume at 49.8million units, while ZENITHBANK topped by value at N1.03 billion.
- The market breadth index was negative with 26 losers against 22 gainers. CILEASING (-10.00%) led the laggards today, while DANGSUGAR (+9.78%) topped by value.
- Sector performance
- NSE Oil & Gas Index: Down by -1.21%, as OANDO (-6.55%), MOBIL (-3.11%), and ETERNA (-2.91%) declined in price.
- NSE Banking Index: Fell by -0.78%, due to sell-offs in FIDELITYBK (-2.79%), UBN (-2.68%), UBA (-1.30%) and ZENITHBANK (-0.68%).
- NSE Industrial Index:Shed -0.06%, on loss in WAPCO (-0.80%).NSE Insurance Index:Up by +0.70%, on price appreciation in LASACO (+6.25%), CORNERST (+3.45%) and AIICO (+1.16%).
- NSE Consumer Goods Index: Rose by +0.57% due to gains recorded in DANGSUGAR (+9.78%), NASCON (+6.49%), and HONYFLOUR (+4.12%)
- DANGSUGAR up 9.78% to close at N15.15
- NASCON up 6.49% to close at N13.95
- FIDSON N up 5.26% to close at N4.4
- GLAXOSMITH up 3.33% to close at N6.2
- FLOURMILL up 2.49% to close at N28.85
- ETI down 8.85% to close at N5.15
- CILEASING down 10.00% to close at N3.96
- INTBREW down 5.02% to close at N7
- MOBIL down 3.11% to close at N190
- JBERGER down 2.52% to close at N17.85
Nigerian Stocks started the first trading session cumulatively on a bearish note.
- The plunge is partly attributed to falling oil prices at record levels on the basis that Africa’s biggest economy is heavily dependent on crude oil, which contributes around 80% of its export earnings, 50% of FGN revenue, and 30% of banking credit, according to reports seen from World Bank.
- That said it’s critical to note, Selling pressure was significantly seen in blue-chip stocks like Mobil, Ecobank as investors began a significant amount of profit-taking across the market spectrum.
- Nairametrics however envisages cautious buying, as institutional investors reduce their long positions amid growing geopolitical uncertainty in Nigeria’s key international markets, particularly Europe, which contributes to about 40% of Nigeria’s crude oil shipment.