Nigerian stocks tumble, wipe out early-year gains
The first drop in Nigerian stocks of the year on Thursday saw the market give up its previous two daily gains as investors looked away from a good number of Airtel Africa shares put up for sale, sending the market plummeting benchmark of 1.53%. and year-to-date performance in the red.
The telecommunications company, the most capitalized company on the exchange, fell 8.3% as the second largest loser of the day, underlining the extent of its decline on the main index.
Since Wednesday, more companies have announced their shutdown period in preparation for the release of their earnings reports for the past fiscal year.
The release of annual financial statements is a major pivot of market activity, often driving the movement of stock prices.
“This week, we expect robust market activity and bullish sentiment to continue,” investment bank United Capital noted in its outlook for the week as seen by PREMIUM TIMES.
“Traditional January momentum should dominate, especially as the yield environment appears to be heading to the downside.”
Market breadth, a marker of investor sentiment towards the trade, was positive as 20 winners emerged against 16 laggards. The all-stock index fell 789 basis points to 50,868.5, while the market cap fell to 27.7 trillion naira.
The index is down -0.75% since the start of the year.
John Holt led the winners, rising 10% to close at 0.88 naira. Honeywell Flour rose 10% to N2.43. Computer Warehouse Group rose to N1.01, up 9.8%. UACN added 4.9% to end the trade at N10.75. Nigerian breweries completed the top 5, climbing 4.21% to reach N47.
The top five losersPrestige was the worst performing stock, falling 8.7% to close at N0.42. Airtel Africa lost 8.3% to close at N1500. UPL fell to N1.76, losing 7.4%. The NPF Microfinance Bank slipped to N1.57, registering a depreciation of 7.1%. Royal Exchange closed at N1.03, down 6.4%.
The five main professionsA total of 138.7 million shares valued at N1.8 billion naira were traded in 3,673 transactions.
READ ALSO: In a gesture of resilience, Nigerian stocks end 2022 with a 20% returnSterling Bank was the most active stock with 29.2 million units of its shares worth N41 million traded in 57 deals. GTCO shares of 19.9 million units, priced at N477.8 million, were traded in 336 transactions.
Access Holdings had 11.3 million shares valued at N99.9 million traded in 191 deals. FBN Holdings traded 11 million shares valued at N121 million in 74 transactions. Zenith traded 6.2 million shares valued at N152.1 million in 244 transactions.
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The first drop in Nigerian stocks of the year on Thursday saw the market give up its previous two daily gains as investors looked away from a good number of Airtel Africa shares put up for sale, sending the market plummeting benchmark of 1.53%. and year-to-date performance in the red.
The telecommunications company, the most capitalized company on the exchange, fell 8.3% as the second largest loser of the day, underlining the extent of its decline on the main index.
Since Wednesday, more companies have announced their shutdown period in preparation for the release of their earnings reports for the past fiscal year.
The release of annual financial statements is a major pivot of market activity, often driving the movement of stock prices.
“This week, we expect robust market activity and bullish sentiment to continue,” investment bank United Capital noted in its outlook for the week as seen by PREMIUM TIMES.
“Traditional January momentum should dominate, especially as the yield environment appears to be heading to the downside.”
Market breadth, a marker of investor sentiment towards the trade, was positive as 20 winners emerged against 16 laggards. The all-stock index fell 789 basis points to 50,868.5, while the market cap fell to 27.7 trillion naira.
The index is down -0.75% since the start of the year.
John Holt led the winners, rising 10% to close at 0.88 naira. Honeywell Flour rose 10% to N2.43. Computer Warehouse Group rose to N1.01, up 9.8%. UACN added 4.9% to end the trade at N10.75. Nigerian breweries completed the top 5, climbing 4.21% to reach N47.
The top five losersPrestige was the worst performing stock, falling 8.7% to close at N0.42. Airtel Africa lost 8.3% to close at N1500. UPL fell to N1.76, losing 7.4%. The NPF Microfinance Bank slipped to N1.57, registering a depreciation of 7.1%. Royal Exchange closed at N1.03, down 6.4%.
The five main professionsA total of 138.7 million shares valued at N1.8 billion naira were traded in 3,673 transactions.
READ ALSO: In a gesture of resilience, Nigerian stocks end 2022 with a 20% returnSterling Bank was the most active stock with 29.2 million units of its shares worth N41 million traded in 57 deals. GTCO shares of 19.9 million units, priced at N477.8 million, were traded in 336 transactions.
Access Holdings had 11.3 million shares valued at N99.9 million traded in 191 deals. FBN Holdings traded 11 million shares valued at N121 million in 74 transactions. Zenith traded 6.2 million shares valued at N152.1 million in 244 transactions.
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