Nigerian Stocks on a 3-day losing streak, triggered by Dangote Sugar, Ecobank

Nigerian bourse closed today’s trading session on a negative note. The All Share Index dropped by -0.07% to close at 25,532.74 points as against -0.19% drop recorded on Wednesday.

Its Year-to-Date (YTD) returns currently stands at -4.88%. Nigerian Stock Exchange Market capitalization presently stands at N13.344 trillion.

Nigerian bourse trading turnover printed market as at today’s trading volume gained by +9.15% as against the 13.59% plunge recorded in Wednesday’s trading session.

FBNH, ACCESS, and ZENITHBANK were the most active to boost market turnover.

Market breadth closed positive as INTBREW led 17 Gainers, as against 11 Losers topped by CAVERTON at the end of today’s session, an improved performance when compared with the previous outlook.

Top gainers

INTBREW up 10.00% to close at N3.3
NPFMCRFBK up 8.33% to close at N1.3
CADBURY up 4.23% to close at N7.4
FLOURMILL up 1.54% to close at N19.8

Top losers

CAVERTON down 8.60% to close at N1.7
DANGSUGAR down 5.88% to close at N11.2
CUSTODIAN down 5.21% to close at N4.55
ETI down 2.47% to close at N3.95
FBNH down 1.01% to close at N4.9
GUARANTY up 0.20% to close at N25

Outlook

Nigerian bourse ended Thursday’s trading session on a bearish note. It should be noted that its the third consecutive trading session of losses recorded at Nigeria’s Stock Market.

Falling oil prices and higher inflation(13.22%) continue to suppress the urge for foreign investors to take large junk in Nigeria’s stocks.

NSE30 stocks like Dangote Suger, Ecobank, and FBN Holdings neutralized the gains recorded by GTBank, Flour Mill, and Cadbury.