Nigerian stock market extends loss streak by 0.16%

The Nigerian stock market on Tuesday extended its loss streak by 0.16 percent after the All Share Index (ASI) lost 60.39 points to close at 37,024.72 points from the preceding day’s 37,081.11 points.

Snapshot of the market activities yesterday showed that stock market capitalisation dropped to N11.894trillion; while in 6,500 deals, equity dealers exchanged 268,848,997 shares valued at N3.491billion.

Deals recorded in the shares of Access Bank plc, Unity Bank plc, Zenith Bank plc, FBN Holdings plc, and Skye Bank plc boosted the volume of transactions at the Custom Street yesterday.

In the gainers table were stocks like Presco plc which led others after rising from N35 to N37.95, adding N2.95; followed by Lafarge Cement WAPCO plc which rallied from N88.44 to N91, adding N2.56. Zenith Bank plc also made the gainers list after its share price rose from N20 to N20.90, adding N0.90; Dangote Sugar plc rallied from N10.51 to N10.97, adding N0.46; while Access Bank plc rose from N10.64 to N11.05, after gaining N0.41.

On the loser table were stocks like Flour Mills plc which led the losers after it declined from N104 to N93.60, losing N10.40; Guinness plc dipped from N265 to N259.10, losing N5.90; Nestle plc also declined from N998.89 to N993, shedding N5.89; Nigerian Breweries plc declined from N155 to N150.20, losing N4.80; while Okomu Oil Palm plc dipped from N49 to N48, after losing N1.

Considering this trend, market analysts at Proshare said: “Market outlook reveals sustained profiteering along with modest sell pressure, just as we had envisaged in our previous report. Meanwhile, speculative trading weakens market breadth further despite improved patronage level. We maintain our previous position while we implore investors to tread with caution”.