Bear Sustains Dominance As 34 Stocks Drag Equity Market Lower by 0.50%

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Stockbrokers work at the Nigerian Stock Exchange in Lagos on May 16, 2019. - Africa's largest mobile phone operator, MTN, listed shares on the Nigerian Stock Exchange (NSE) in a $6 billion flotation reflecting its increasing presence in the Nigerian market, its largest. (Photo by PIUS UTOMI EKPEI / AFP) (Photo credit should read PIUS UTOMI EKPEI/AFP via Getty Images)
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The Bear at the Lagos Custom street sustained its dominance as investors continued save-haven sentiment to other asset classes on the back of expected FED rate hike and Naira depreciation in the FX market. As a result, the All-Share Index tanked 253.82 points, representing a 0.50 percent decrease, and closed at 50,188.55. While the Market Capitalization lost ₦136.87 to decrease by 0.50 percent and closed at ₦27.06 trillion.

→ However, the market activities were bullish, as the Total Volume and Value rose by 431.16 percent and 39.79 percent, respectively. About 829.51 million units valued at ₦4.11 billion were transacted in 4,977 Deals. TRANSCORP emerged as the most traded stock in terms of volume, accounting for 12.10 percent of the total volume of trades, followed closely by GTCO (8.16%), UBA (6.86%), FBNH (6.59%), and ZENITHBANK (4.82%) to complete the top five on the volume chart. While MTNN appeared as the most traded stock in value terms, with 36.74 percent of the total value of trades on the exchange.

→ Like the previous session, only three (3) stocks made it to the gainers’ list, namely FCMB, with a growth of 3.33%, while NASCON and NB expanded by 0.91% and 0.42%, respectively. On the contrary, thirty-four (34) stocks depreciated, topped by JAIZBANK, PRESTIGE and CUSTODIAN with a price depreciation of 10.00 percent each, to close at ₦0.72, ₦0.36 and ₦6.3, respectively, as UCAP (-9.09%), CAP (-9.09%), ACCESSCORP (-4.49%), OANDO (-4.23%), GTCO (-3.92%), NGXGROUP (-2.14%), AFRIPRUD (-1.79%), and MTNN (-1.30%) also dipped in price. In that regard, the market breadth closed largely negative, recording 3 gainers and 34 losers.

→ Conclusively, sectoral performance was broadly bearish as four of the five sectors closed negatively compared to the previous session, led by Banking (-2.34%), Insurance (-1.10%), Oil & Gas (-1.07%), and Industrial Goods (-0.04%), respectively, while the Consumer Goods spiked by 0.05%.