Nigerian stocks ended the mid-week trading session on a near stalemate. The All-share index retreated lower by 0.07% today to 40,465.32 index points.
Year-to-date return and market capitalization settled at 0.49% and N21.16 trillion respectively.
- Across coverage sectors, the performance was mostly negative as most tracked indices finished south. The NSE consumer goods, banking, and industrial fell by 0.07%, 0.24%, and 0.80% respectively. On the flip side, the oil & gas and insurance indices gained 0.20% and 1.92% respectively.
- Investor sentiment as measured by market breadth was negative with 22 decliners and 18 advancers. BETAGLASS (-9.75%) led the laggards today, while JBERGER (+9.73%) finished top gainer.
Top gainers
- JBERGER up 9.73% to close at N20.3
- LIVINGTRUST up 9.68% to close at N0.68
- HONYFLOUR up 9.60% to close at N1.37
- CORNERST up 9.26% to close at N0.59
- UPDCREIT up 7.41% to close at N5.8
Top losers
- BETAGLAS down 9.75% to close at N50
- JAPAULGOLD down 8.86% to close at N0.72
- FIDSON down 8.55% to close at N5.35
- CHIPLC down 7.89% to close at N0.35
- VITAFOAM down 7.56% to close at N7.95
Outlook
The stock market ended the mid-week trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $63.76/barrel.
- That being said, significant gains seen from some decent stocks couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among a number of medium capitalized stocks.
- Cautious buying is envisaged on the sentiments that recent price action suggests further market correction in the near term, however, stock traders anticipate the bullish run is still in play for the long term.