It’s a week-long bearish run for the NGX ASI

It's a week-long bearish run for the NGX ASI

Nigeria’s stock exchange market posted losses throughout the week ending today’s trading session with the bears. The All-Share Index decreased slightly by -0.01% to close at 38,324.07 from 38,328.13.

Nigeria’s stock exchange market value currently stands at N19.98Trillion. Its Year-to-Date (YTD) returns currently stand at -4.82%.

The market breadth closed negative for the 5th time this week as PRESTIGE led 16 Gainers and CILEASING topped the 16 Losers chart at the end of today’s session showing consolidation with movement trending towards a bullish recovery.

Top gainers

  • PRESTIGE up +8.16% to close at N0.53
  • WAPIC up +8.00% to close at N 0.54
  • NPFMCRFBK up +7.23% to close at N1.78
  • STERLNBANK up +7.05% to close at N1.67
  • UAC-PROP up +5.06% to close at N0.83

Top losers

  • CILEASING down -9.78% to close at N4.06
  • CHAMS down -9.09% to close at N0.20
  • JBERGER down -9.05% to close at N19.10
  • ROYALEX down -8.82% to close at N0.62
  • ABCTRANS down -6.82% to close at N0.41

Outlook

Nigeria’s stocks market saw 5 bearish turns this week and analysts’ prediction of a week-long sell-off was affirmed today. However, some analysts remain optimific about a recovery by next week in the NGX ASI.

  • Market sentiments trend towards consolidation although speculators predict a recovery as 16 losers are matched by 16 winners.
  • Nairametrics advises cautious buying in this era of growing uncertainties.
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