Selling pressure persisted during todays trading on the floor of The Nigerian Stock Exchange (The NSE), forcing The Exchange to endure its third consecutive day of loses.
The market lost 1.53%, with the benchmark All Share Index declining by 531.25 points to close at 34,242.83 points, while the Market Capitalization had N277.597 wiped off its value.
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The early hours of trading started with intense sell pressure, that pushed several stocks into the deep red zone, leaving only three gainers as we approached the half way mark. This trend was reversed later on as those stocks started clawing back their loses, and we ended up with many more gainers, and lesser stocks in the deep red zone.
Only five stocks recorded the maximum possible gains on the day, while double of that (ten) stocks recorded the maximum allowable loss for a single day of trading.
Activity level
Unusual volumes of JAIZ and UACPROP was traded today, and both combined with other stocks to give an improvement on the activity level.
The volume of shares traded saw a 1,300.09% increase to 9.36 billion units, while the value of traded shares increased by 53.15% to N12.021 billion.
UACPROP was the most traded stock by volume, while JAIZ was the second most traded stock by volume with 304.731 million shares valued at N222.221 million exchanging hands in just 66 deals. TRANSCORP was the third traded stock by volume with 95.949 million shares traded.
ZENITHBANK, GUARANTY and FBNH were the three most traded stocks by value, having recorded trading in shares worth NN1.173 billion, N791.810 million and N613.819 million respectively.
Performance of Indices
All indices under our watch except the Banking Index recorded loses;
- Banking Index advanced by 0.75%
- Insurance Index declined by 0.49%
- Oil and Gas Index declined by 0.87%
- Consumer Goods Index declined by 3.21%
- Industrial Goods Index declined by 3.33%
Investor Sentiment
Investor sentiment as measured by market breadth (advance/decline ratio) rose to 0.6x from the 0.3x recorded previously as 17 stocks gained against the 30 that declined.
Top five gainers by percentage are;
- BOCGAS rose by 9.96% to N5.85
- GLAXOSMITH rose by 9.56% to N7.45
- CONOIL rose by 9.45% to N20.85
- MBENEFIT rose by 7.69% to N0.28
- UNIONDAC rose by 7.69% to N0.28
Top five losers by percentage are;
- WAPIC lost by 10.00% to close at N0.45
- OANDO lost by 10.00% to close at N3.24
- PORTPAINT lost by 9.97% to close at N2.62
- LIVESTOCK lost by 9.92% to close at N1.18
- CADBURY lost by 9.85% to close at N9.15
Corporate Disclosures
- NEM Insurance Plc gave notice of its extra-ordinary general meeting (EGM)
- Ardova Plc gave notice of the launch of Shell lubricants products
Outlook
We expect a further stabilization of the market in tomorrow’s trading session, and a potential turn in direction in the last trading days of the week.
By; Nnamdi M.