Nigerian stocks plunge, as WEMA, CHAMPION, MANSARD slump

Nigerian stocks wrapped up the week on a bearish note after the benchmark index registered its third negative close in the last five sessions.

• Sentiments notably picked up where they left off yesterday, as selloffs persisted in bellwether ticker – ZENITHBANK (-1.55%) as well as in Telco giant – MTN Nigeria (-3.28%).
• The 74 basis points pullback recorded today kept the All Share Index return firmly rooted in the red and also lowering the Year date returns to -1.88%.
• Save for the Oil and Gas (+0.25%) index lifted by sustained interest in OANDO (+2.99%), all other sectors closed in the negative territory.
• The Insurance (-2.32%), Banking (-0.48%), Consumer Goods (-0.40%), and Industrial Goods (-0.19) indices declined following price dips in MANSARD (-5.36%), ZENITHBANK (-1.55%), INTBREW (-3.65%), and WAPCO (-2.94%) respectively.
• The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session

Top gainers

1. LASACO down 9.82% to close at N1.23
2. MBENEFIT down 8.11% to close at N0.37
3. COURTVILLE down 5.00% to close at N0.21
4. OANDO down 2.99% to close at N3.45
5. NAHCO down 2.70% to close at N2.28

Top losers

1. WEMABANK down 10.00% to close at N0.63
2. CHAMPION down 10.00% to close at N2.52
3. SUNUASSUR down 9.59% to close at N0.66
4. AFRIPRUD down 5.74% to close at N5.75
5. MANSARD down 5.36% to close at N1.06

Outlook

Nigerian stocks ended the last trading session of the week on a bearish note amid profit-taking across the market spectrum.

• Downtrend was driven by price depreciation medium capitalized stocks amongst which are; WEMA, CHAMPION, MANSARD.
• That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.