Nigerian stocks plunge, as WEMA, CHAMPION, MANSARD slump

NIGERIAN stocks wrapped up the week on a bearish note after the benchmark index registered its third negative close in the last five sessions.

• Sentiments notably picked up where they left off yesterday, as selloffs persisted in bellwether ticker – ZENITHBANK (-1.55%) as well as in Telco giant – MTN Nigeria (-3.28%).
• The 74 basis points pullback recorded today kept the All Share Index return firmly rooted in the red and also lowering the Year date returns to -1.88%.
• Save for the Oil and Gas (+0.25%) index lifted by sustained interest in OANDO (+2.99%), all other sectors closed in the negative territory.
• The Insurance (-2.32%), Banking (-0.48%), Consumer Goods (-0.40%), and Industrial Goods (-0.19) indices declined following price dips in MANSARD (-5.36%), ZENITHBANK (-1.55%), INTBREW (-3.65%), and WAPCO (-2.94%) respectively.
• The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session

Top gainers

1. LASACO down 9.82% to close at N1.23
2. MBENEFIT down 8.11% to close at N0.37
3. COURTVILLE down 5.00% to close at N0.21
4. OANDO down 2.99% to close at N3.45
5. NAHCO down 2.70% to close at N2.28

Top losers

1. WEMABANK down 10.00% to close at N0.63
2. CHAMPION down 10.00% to close at N2.52
3. SUNUASSUR down 9.59% to close at N0.66
4. AFRIPRUD down 5.74% to close at N5.75
5. MANSARD down 5.36% to close at N1.06

Outlook

Nigerian stocks ended the last trading session of the week on a bearish note amid profit-taking across the market spectrum.

• Downtrend was driven by price depreciation medium capitalized stocks amongst which are; WEMA, CHAMPION, MANSARD.
• That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.

Nigerian stocks plunge, as WEMA, CHAMPION, MANSARD slump