Record sell-offs persists in medium and low capitalized Nigerian stocks

Nigerian Stock market could not sustain yesterday’s positive run as the All-share index dipped by 0.19% today to close at 40,494.35 index points. Consequently, year-to-date return and market capitalization settled at 0.56% and N21.18 trillion, respectively.

• The most traded stocks by volume were GUARANTY (46.15 million units), FBNH (35.34 million units), and DANGSUGAR (26.81 million units), while GUARANTY (N1.42 billion), ZENITHBANK (N652 million), and DANGSUGAR (N510.52 million) topped the value chart.
• Investor sentiment as measured by market breadth, was inverse of the broad index as 21 stocks gained while 19 stocks declined in price. ARDOVA (+9.06%) led the gainers for the day, while CORNERSTONE (-10.00%) topped the losers.

Top gainers

1. LEARNAFRCA up 9.28% to close at N1.06
2. ARDOVA up 9.06% to close at N18.05
3. MULTIVERSE up 8.33% to close at N0.26
4. WEMABANK up 7.69% to close at N0.7
5. GUINNESS up 7.32% to close at N22

Top losers

• CORNERST down 10.00% to close at N0.54
• UPDCREIT down 10.00% to close at N5.4
• CHIPLC down 9.52% to close at N0.38
• PRESTIGE down 8.51% to close at N0.43
• WAPIC down 8.33% to close at N0.55

Outlook

Nigerian Stocks ended the second trading session of the week on a negative note.

Buying pressure from blue-chip stocks, particularly GUINNESS, could not help the Stock bulls in maintaining their run on the account of profit-taking notice in a number of medium and low capitalized stocks across the market spectrum.

• Seek the advice of a certified stockbroker or financial advisor in choosing stocks to buy, as some Nigerian stocks exhibit cyclic return.