Nigerian Stock Market Report
Starting the week, Nigerian equities ended today’s session 0.02% weaker, ending three consecutive sessions of gain to close the benchmark index at 47,428.67 points. The market’s performance was primarily driven by selloffs in telco giant, MTNN (-0.49%). In addition, losses in GTCO (-1.11%) and NB (-1.09%) cemented the overall market’s loss despite bargain hunting in banking names, UBA (+1.75%), ACCESS (+0.99%) and ETI (+7.27%). Consequently, the year-to-date (YTD) return fell to 11.03%, while the market capitalization shed ₦4.75bn to close at ₦25.56trn.
Analysis of Monday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 11.72%. A total of 1.28bn shares valued at ₦7.85bn were exchanged in 4,651 deals. FCMB (+2.86%), for the second consecutive session, led the volume and value charts with 1.02bn units traded in deals worth ₦3.84bn.
Market breadth closed negative at a 1.16-to-1 ratio with declining issues outnumbering advancing ones. CWG (-10.00%) led twenty-one (21) others on the laggard’s table, while RTBRISCOE (+9.59%) topped eighteen (18) others on the gainer’s log.