Nigerian Stocks Bottom Out in All-Week Losing Streaks

Nigerian Stocks Bottom Out in All-Week Losing Streaks

Nigerian stocks bottom out over 5-day losing streaks on the equities trading platform. Selling pressures persisted throughout the week, reflecting negative investors’ sentiment.

The market’s temperature turned too cold after the top big banks’ unimpressive performance – financial and oil stocks were casualties of profit-taking activities in the Nigerian Exchange.

On Friday, the selling rally plunged key performance indicators downward by 33 basis points, and the year-to-date return moderated sharply.

The local market posted a week-on-week loss of 2.99%, while the market index, or All Share Index, fell by 501.74 basis points in today’s trading to close at 149,524.81.

The Nigerian Exchange market capitalisation declined by ₦318.78 billion, representing a decrease of 0.33%, settling at approximately ₦95 trillion.

The local market continued its free fall, driven by Sell-offs in some medium- and large-cap stocks such as BERGER, TIP, NB, and others across major sectors. Total volume of all trades executed in the local bourse and the total value traded declined by -14.92% and -6.79%, respectively.

In a note, Atlass Portfolio Limited told investors that approximately 527.17 million units valued at ₦15,382.90 million were transacted across 24,637 deals.

WEMABANK took the lead volume chart, accounting for 17.32% of all transaction in the market, followed by CONHALLPLC (14.93%), MANSARD (6.16%), ACCESSCORP (4.45%), and ZENITHBANK with 4.28%.

Also, WEMABANK accounted for 11.15% of the total value of all trade.  NCR topped the best performer’s chart, up by +9.94%, followed by MCNICHOLS (+9.82%), EUNISELL (+9.24%), DEAPCAP (+8.81%), ELLAHLAKES (+8.29%), RTBRISCOE (+7.94%), and thirteen others.

A total of thirty-nine stocks depreciated. BERGER led losers chart with a price depreciation of -10.00%, followed by CILEASING (-9.86%), MECURE (-9.77%), CHAMPION (-9.72%), TIP (-9.66%), and INTENEGINS (-9.63%).

Hence, the market breadth closed on a negative note as there were only 19 gainers and 39 losers. Sectoral performance was also negative as all major sectors depreciated.

The Insurance sector led by a decrease of -2.15%, followed by the Banking sector (-0.88%), the Consumer goods sector (-0.47%), Oil & Gas sector (-0.25%), and the Industrial goods sector (-0.11%). Fed Cuts Interest Rate By 25bps Amidst Longest U.S. Shutdown