Nigerian stocks ended Tuesday’s trading session red. The All Share Index plunged by 1.80% to settle at 38,686.85 index points. Hence, the Year date performance retracted to 3.97%.
- Investor sentiment as measured by market breadth was negative as 14 stocks advanced against 26 that declined. CHAMPION (+9.78%) led the gainers for the day, while UBA (-10.00%) topped the losers.
- Performance across sectors was bearish as 4 of 5 indexes under our coverage trended bearishly.
- The banking index led laggards, down significantly by 5.21% on the back of sustained sell pressures in UBA (-10.00%), STERLNBANK (-8.81%), and ZENITHBANK (-2.03%).
- Conversely, the consumer goods index closed as the lone gainer, up marginally by +0.26% on price appreciation in DANGSUGAR by +7.99%
Top gainers
- CHAMPION up 9.78% to close at N2.02
- NEIMETH up 9.71% to close at N1.92
- CUTIX up 8.84% to close at N1.97
- DANGSUGAR up 7.99% to close at N18.25
- NASCON up 7.69% to close at N14
Top losers
- ETERNA down 10.00% to close at N5.13
- UBA down 10.00% to close atN7.2
- CAVERTON down 9.55% to close at N1.8
- NNFM down 9.52% to close at N5.7
- VANLEER down 9.46% to close at N6.7
Outlook
Bears staged a big come back,as investors sold UBA (-10.00%), WAPCO (-7.95%), MTNN (-5.88%) and ZENITH (-2.03%).
- Selling pressures intensified on macros coming from earnings in UBA showing low dividend returns despite strong earnings coupled with Nigeria’s currency market facing an unusual level of FX scarcity, which kept significant pressure on Nigeria’s local currency.
- Nairametrics envisages you seek the advice of a certified financial advisor when choosing stocks to buy.
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