Nigerian Stocks drop despite Airtel Africa hitting an all-time high

Nigerian bourse ended Monday’s trading session on a bearish note. The All Share index dropped by 0.21% to close at 35,064.36 points as against the 0.48% gain recorded last Friday. Its Year-to-Date (YTD)  gains presently stands at +30.63%.

• Nigerian trading turnover, however, rallied up as volume ticked up by +10.74% as against +1.20% uptick recorded at the last trading session. UBA, FBNH, and ACCESS were the most active to boost market turnover.
• The market breadth closed positive as LIVESTOCK led 17 Gainers as against 15 Losers topped by TRANSCOHOT at the end of today’s session – an improved performance when compared with the previous outlook.
• NPFMCRFBK leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.

Top gainers

1. MOBIL up 9.20% to close at N228
2. AIRTELAFRI up 8.75% to close at N640
3. CILEASING up 7.17% to close at N4.78
4. ARDOVA up 3.21% to close at N14.45
5. ZENITHBANK up 1.70% to close at N23.95

Top losers

1. DANGCEM down 2.93% to close at N199
2. DANGSUGAR down 2.56% to close at N19
3. UACN down 2.05% to close at N7.15
4. GUARANTY down 1.04% to close at N33.25
5. GUINNESS down 0.56% to close at N17.9

Outlook

Nigerian Stocks started the first trading session on a negative note amid falling oil prices prevailing at the U.S trading session.

• Buying pressure from blue-chip stocks, particularly Airtel Africa, couldn’t aid Nigerian Stocks bulls amid significant sell-offs seen in some notable NSE30 stocks like GTBank, Dangote Cement, Guinness.
• Nairametrics expects you seek the advice of a certified stockbroker or financial advisor in choosing stocks to buy, as some Nigerian stocks exhibit cyclic returns.