Stocks Tumble as Nigerian Exchange Reverses Uptrend

Stocks Tumble as Nigerian Exchange Reverses Uptrend

Stocks tumble Friday as Nigerian Exchange reverses three days uptrend. Following a three day rally, trading activities closed the week on a negative note as investors take profits. As a result of the selloffs witnessed at the local bourse, the benchmark index retreated by 0.14 per cent to close at 39,156.28 points.

However, market breadth remained positive with 26 gainers and 17 losers. Also, market activities closed on a higher note with both volume and value of trades appreciating by 82.55 percent and 58.52 percent respectively.

A total of 289.08 million units of shares valued at N3.54 billion were traded in 3,719 deals.

STERLNBK led the volume sheet with 11.10 percent as VITAFOAM, ZENITHBANK, FIDELITYBK and GUARANTY completed the top 5 volume sheet, while ZENITHBANK also led the value sheet accounting for 16.77% of the shares traded.

CUTIX, JAIZBANK and MBENEFIT led other gainers, grew their share prices by 9.88 percent, 9.26 percent and 6.98 percent respectively.

While CHAMPION and NEM led the lagers with their share price depreciating by 10.00 per cent each to both closed at N1.80 after opening the day at N2.00. Consequently, the market capitalisation dropped by N28 billion to N20.409 trillion.

Notably, selloffs in MTNN (-1.39%), NB (-1.19%) and GUARANTY (-0.34%) anchored the decline, which then widened year to date losses to 2.77%.

On a sectoral basis, analysts at Chapel Hill Denham said 2 of 5 coverage sectors closed in the negative territory, with the insurance sector leading the pack.

Precisely, selloffs in LINKASSURE (-6.67%) and SOVRENINS (-3.70%) anchored selloffs in the insurance sector which lost 56 basis points.

Meanwhile, the Consumer goods sector followed suit, declining 15 basis points, due to selloffs in NB (-1.19%) and CHAM-PION (-10.00%). On the flip side, the Banking, Oil & Gas and Industrial gained 5bps, 94bps and 3bps respectively.

Top gainers for today were CUTIX (+9.88%), JAIZBANK (+9.26%) and MBENEFIT (+6.98%). On the other hand, CHAMPION (-10.00%), NEM (-10.00%) and ROYALEX (-9.33%) were the day’s top losers.

Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) declined by 12bps and 7bps, respectively.

Stocks Tumble as Nigerian Exchange Reverses Uptrend