Nigerian stock market daily report: ZENITH & ACCESS tip market into mild loss

The Nigerian Stock Exchange benchmark Index, the NSE All-Share Index (NSE ASI) dropped by 0.09% on Tuesday to close the day at 35,033.74.

The mild decline was facilitated by drops in Zenith Bank (-1.27%) and Access Bank (2.35%) share prices.

Activity level

Activity level was mixed, as the volume of stocks traded decreased by 5.36%, while the value of traded stocks increased by 2.59%.

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UBA was the most traded stock by volume, with 142.435 million shares traded in 214 deals. ZENITHBANK and FBNH were the second and third most traded stocks by volume, with 33.857 million shares and 12.632 million shares respectively.

UBA was also the most traded stock by value, as shares worth N1.201 billion was traded in the course of the trading session.

ZENITHBANK was also the second most traded stock by value with shares worth N795.520 million exchanging hands. GUARANTY was the third most traded stock by value with 9.730 million shares worth N321.884 million traded in 335 deals.

Performance of Indices

3 out of the 5 indices under our watch closed in the red, while two advanced.

1. Insurance index advanced by 0.45%
2. Oil & Gas Index advanced by 0.26%
3. Consumer Goods Index declined by 0.09%
4. Industrial Goods Index declined by 0.10%
5. Banking Index declined by 0.34%

Investor Sentiment

Investor sentiment as measured by market breadth (advance/decline ratio) was 0.8x as 14 stocks gained against the 18 that declined.

The top five gainers by percentage are;

1. FTNCOCOA gained 9.68% to close at N0.34
2. ROYALEX gained 9.52% to close at N0.23
3. MBENEFIT gained 9.09% to close at N0.24
4. ETI gained 8.33% to close at N5.85
5. LASACO gained 6.45% to close at N0.33

The top five losers by percentage are:

1. INTSPLC lost 8.77% to close at N0.52
2. REGALINS lost 8.33% to close at N0.22
3. WAPIC lost 4.76% to close at N0.40
4. CHAMS lost 4.55% to close at N0.21
5. FLOURMILL lost 4.53% to close at N25.30

Outlook

We expect the mixed market performance to continue for the rest of the week.

By; Nnamdi M.