Nigerian stock market ends week negative as ASI slumps further

Nigerian stock market ended the week on a negative note as the All Share Index fell further by 0.94% to 34,250.74 points as year-to-date return and market capitalization settled at 27.86% and N17.90 trillion respectively.

A total volume of 796.0million units of shares, valued at N4.46billion exchanged hands in 4,810 deals. Jaiz Bank was the most traded shares by volume at 401.1million units, while Zenith Bank topped by value at N1.08billion.

Market sentiment was however positive, as there were 29 advancers and 9 decliners.

The sectorial performance also improved as Banking, Insurance, Oil & Gas, and Consumer Goods advanced by 2.54%, 2.10%, 0.37%, and 0.18% respectively. Conversely, the industrial index waned by -4.09%.

FBNH up 8.73% to close at N6.85, while VITAFOAM up 8.66% to close at N6.9 and GUINNESS up 5.92% to close at N17. ZENITHBANK up 3.18% to close at N22.7 while GUARANTY up 1.70% to close at N32.9.

Dangote Cement topped the losers table with its stock going down by 8.04% to close at N183, while NEIMETH down 5.98% to close at N2.2 and Julius Berger going down by 4.62% to close at N17.55. GLAXOSMITH down 2.99% to close at N6.5, while UNILEVER down 1.15% to close at N12.9.

Nigerian bourse ended the last trading session on a negative note. NSE30 stocks like Dangote Cement, Unilever dragged the Sub-Saharan based index lower as profit-taking was notable among blue-chip stocks.

Selling pressures intensified on macros coming from Nigeria’s currency market, on recent economic macros facing an unusual level of FX scarcity, which kept significant pressure on Nigeria’s local currency.