Bear Sustains Dominance Amid Profit-Taking in High Cap Stocks


Bear in the Nigeria equity market sustained the previous session’s dominance as investors continued profit-taking in highly capitalized stocks in Finance and Oil & Gas sectors.

In that regard, the All-Share Index dipped by 87.81 basis points representing 0.19 percent depreciation, to close at 47,340.86.

While the Market Capitalization lost ₦47.33Bn, representing a decline of 0.19 percent to close at ₦25.51 trillion.

→ Similarly, the market activities were bearish, as the Total Volume and Total Value traded tanked by 85.69 percent and 68.74 percent, respectively. Approximately 183.26 million units valued at ₦2.48 billion were transacted in 3,779 Deals.

UBA led as the most traded stock in terms of volume, accounting for 12.78 percent of the total volume of trades, followed closely by ACCESS (5.69%), FBNH (5.55%), UACN (5.29%) and ZENITHBANK (5.26%) to complete the top five on the volume chart.

Meanwhile, SEPLAT emerged as the most traded stock in value terms, with 21.46 percent of the total value of trades on the exchange.

→ VERITASKAP topped the advancers’ chart with price appreciation of 4.76 percent, trailed by ETERNA (4.17%), UNILEVER (3.85%), NEIMETH (2.94%), ACCESS (2.44%), FLOURMILL (0.79%), OANDO (0.59%), WAPCO (0.21%) and seven (7) others.

On the other hand, twenty-two (22) stocks remain depreciated, led by CORNERST with price depreciation of 8.82 percent each to close at ₦0.62, as FCMB (-4.17%), SEPLAT (-3.03%), UCAP (-2.32%), UBA (-2.30%), GTCO(-1.87%), HONYFLOUR (-1.58%), ZENITHBANK (-0.74%), NGXGROUP (-0.44%), MTNN (-0.24%) and NB (-0.22%) also dipped in price.

In that regard, the market breadth closed largely negative, recording 15 gainers and 22 losers.

→ Consequently, sectoral performance was bearish, as three of the five major sectors closed negatively compared to the previous session, led by Insurance (-1.87%), Oil & Gas (-1.59%) and Banking (-0.09%).

While the Consumer Goods and Industrial Goods sectors rose by 0.17% and 0.01%, respectively.