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Nigeria’s Banking stocks hit by asteroids, Index down 0.39%

Nigeria’s Banking stocks hit by asteroids, Index down 0.39%

Nigerian stock market started the week on a  downward trend as the All Share Index shed 0.39% to close at 23,950.83 index points.
In today’s trading session, activity level showed a weak performance, as total volume and value traded fell by 0.64% and 19.06% to 207.24 million units and N1.77 billion respectively.

  • Market sentiment, as measured by market breadth, was slightly positive, with 14 gainers led by UNILEVER (+10.00%), as against 12 losers topped by CAP (-9.83%).
  • FBNH closed the day as the most actively traded stock with about 44 million units of shares marked to market at N208 million.
  • Sector performance finished mixed, as NSE Banking Index lost -2.76% due to sell-offs in UBN (-8.57%), GUARANTY (-4.33%) and ZENITHBANK (-2.27%).
  • NSE Insurance Index shed -0.24% as WAPIC (-9.10%) closed lower. Industrial Index also fell by 0.08%, due to the loss in CAP (-9.83%).
  • However, Oil & Gas Index climbed 0.93%, on buy-interest in OANDO (+5.66%) and ARDOVA (+4.58%), and Consumer Goods Index was up by 0.33% on gains recorded in UNILEVER (+10.00%).
 

Top gainers

UNILEVER up N1.05 to close at N11.55; ETERNA up 7.87% to close at N2.33; CILEASING up 6.67% to close at N4.8; OANDO up 5.66% to close at N2.8; and ARDOVA up 4.58% to close at N16.

 

Top losers

 

CAP down 9.83% to close at N20.65; UBN down 8.57% to close at N6.4; HONYFLOUR down 8.41% to close at N0.98; GUARANTY down 4.33% to close at N21.95; and ZENITHBANK down 2.27% to close at N15.05.

Outlook

Today’s session at stock market was uneventful. Volume had been lightweight, value had been trivial, while trade flows were thin.

Nairametrics envisages cautious buying of stocks, as the bulls seem to be losing steam.

source:- https://nairametrics.com/2020/05/11/nigerias-banking-stocks-hit-by-asteroids-index-down-0-39/