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Home Markets Equities Stock Market

Nigerian Stocks tumble, amid Profit taking

Olumide Adesina by Olumide Adesina
November 2, 2020
in Stock Market
market's, Bears clawing down on the naira, hits N425 to $1
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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%)

Top gainers

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  1. DANGSUGAR up 9.78% to close at N15.15
  2. NASCON up 6.49% to close at N13.95
  3. FIDSON N up 5.26% to close at N4.4
  4. GLAXOSMITH up 3.33% to close at N6.2
  5. FLOURMILL up 2.49% to close at N28.85

Top losers

  1. ETI down 8.85% to close at N5.15
  2. CILEASING down 10.00% to close at N3.96
  3. INTBREW down 5.02% to close at N7
  4. MOBIL down 3.11% to close at N190
  5. JBERGER down 2.52% to close at N17.85

 

Outlook
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.

Follow us for Breaking News and Market Intelligence.
Tags: AIICO Insurance - NewsEcobankFidson Healthcare Plc - NewsMobilNigerian Stocks
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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