Bears stage a big come back, Nigerian stocks investors lose N426 billion

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    Nigerian stocks ended the third trading session of the week on a bearish note. The All Share Index plunged by 1.96% to close at 40,696.01 index points as against the 0.13% plunge recorded yesterday.

    • Nigerian Stock Exchange market value now stands at N21.29 trillion. Its Year-to-Date (YTD) returns currently stands at +1.06%. Investors lost N425.92 billion.
    • Nigerian stocks trading turnover on Wednesday ticked up as volume rallied by 19.92% as against the 10.10% downtick recorded on Tuesday.
      ZENITHBANK, FBNH, and GUARANTY were the most active to boost market turnover.
    • The market breadth at the Nigerian Stock market ended negative as NIGERINS led 13 Gainers as against 35 Losers topped by FIDSON at the end of today’s session – an unimproved performance when compared with the previous outlook.

    Top gainers

    1. NIGERINS up 10.00% to close at N0.22
    2. CHAMPION up 9.82% to close at N3.02
    3. WAPIC up 7.41% to close at N0.58
    4. ACADEMY up 6.06% to close at N0.35
    5. GUINNESS up 4.83% to close at N20.6

    Top losers

    1. FIDSON down 10.00% to close at N5.4
    2. CAP down 10.00% to close at N18
    3. REGALINS down 10.00% to close at N0.27
    4. SOVRENINS down 10.00% to close at N0.27
    5. SUNUASSUR down 10.00% to close at N0.81

    Outlook

    Nigerian bourse ended the mid-week trading session on a negative note. NSE30 stocks like Guinness couldn’t stop the bleeding amid record profit-taking notable among medium capitalized stocks.

    Selling pressures intensified on macros coming from Nigeria’s currency market facing an unusual level of FX scarcity, which kept significant pressure on Nigeria’s local currency.

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