Bears claw on Nigerian stocks, investors lose N122 billion

Nigerian bourse ended today’s session bearish. The All Share index plunged by 0.60% to 38,707.87 index points. Year-to-date return and market capitalization settled at -3.90%, and N20.25 trillion, respectively. Investors’ losses stood at N122.47 billion.

• Volume and value traded fell by -54.02% and -56.85% as 169.3 million units of shares valued at N2.11 billion exchanged hands in 3,568 deals.
• AIICO was the most traded shares by volume at 19.67 million shares, while ZENITHBANK topped by value at N247. 4 million.
• However, the market breadth index was positive with 23 gainers against 11 losers. SMURFIT (+10.00%) led the gainer’s chart today, while AFRINSURE (-8.33%) was the top loser.

Top gainers

1. SMURFIT up 10.00% to close at N0.22
2. INTBREW up 9.89% to close at N5
3. CHAMPION up 9.09% to close at N2.4
4. ROYALEX up 8.33% to close at N0.26
5. LIVESTOCK up 7.65% to close at N1.83

Top losers

1. AFRINSURE down 8.33% to close at N0.22
2. MBENEFIT down 7.14% to close at N0.39
3. SOVRENINS down 7.14% to close at N0.26
4. UPL down 4.92% to close at N1.16
5. JAIZBANK down 4.41% to close at N0.65

Outlook

Nigerian bourse at the fourth trading session of the week was negatively impacted by losses recorded in low and medium capitalized stocks.

Cautious buying is envisaged amid renewed profit-making seen across the market spectrum.