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Bears take a grip on Nigerian stock market, investors lose N132 billion

Nigerian stocks ended the fourth trading session of the week on a negative note amid soaring oil prices prevailing at the U.S trading session.

Nigerian stock market dropped further today by 0.63% to 40,465.32 index points. Year-to-date return and market capitalization settled at -0.15% and N21.03 trillion respectively.

  • Activity level improved today compared to yesterday as 426.2 million shares, valued at N4.75 billion exchanged hands in 4,972 deals.
  • Nigerian investors’ losses on Thursday stood at N132.42 billion.
  • Investor sentiment as measured by the market breadth was negative today at 0.33x on 17 advancers and 23 decliners. UPL (-9.09%) led the laggards today, while RTBRISCOE (+10.00%) finished top gainer.

Top gainers

  1. RTBRISCOE up 10.00% to close at N0.22
  2. CORNERST up 8.47% to close at N0.64
  3. ROYALEX up 8.00% to close at N0.27
  4. NAHCO up 6.51% to close at N2.29
  5. NIGERINS up 4.55% to close at N0.23

Top losers

  1. UPL down 9.09% to close at N1.2
  2. CHAMS down 8.33% to close at N0.22
  3. UPDCREIT down 7.76% to close at N5.35 –
  4. MULTIVERSE down 7.69% to close at N0.24
  5. JAPAULGOLD down 5.56% to close at N0.68

Outlook

Nigerian stocks ended the fourth trading session of the week on a negative note amid soaring oil prices prevailing at the U.S trading session.

  • Across coverage sectors, the performance was mostly negative as all tracked indices closed in the red. The NSE banking, insurance, consumer goods, energy and industrials lagged by 2.60%, 1.54%, 0.51%, 0.20% and 0.13% respectively.
  • It is expected that intending buyers to seek the advice of a certified stockbroker.

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