Local stock market loses 149 billion naira amid massive baron sales


Last week, the Nigerian equity market closed on the red line as the benchmark depreciated 0.68% as massive sell-offs of large-cap stocks pulled the market down in a context of mixed exchanges.

Basically, the Nigerian Stock Exchange (NGX) All-Share Index, after the five-day trading sessions, lost 284.94 basis points, closing the period at 41,882.97 basis points.

As a result, the market capitalization fell by 149 billion naira, closing at 21.854 billion naira, which also represented a depreciation of 0.68% in value.

The weekly performance was driven by massive sell off of flagship stocks like Dangote Cement, UACN, Custodian Investment and May & Baker.

During the week under review, performance indices across all sectors rose except NGX Industrial Goods which closed down 5.42%, while NGX Banking led the advances after gaining 5.55%, followed by energy, insurance and consumer goods with 1.27 percent, 1.24 percent and 0.11 percent respectively.

There was a slight increase in activity as transactions in terms of volume and value increased. Investors traded 2.63 billion shares worth N26.90 billion, up from 1.28 billion units the previous week worth N17.34 billion.

Volume was driven by Financials, Services and Consumer Goods, in particular FBN Holdings, Sterling Bank, C / I Leasing, Guaranty Trust Holding Company and Transcorp.

Meyer and Consolidated Hallmark were the top performing stocks during the week after gaining 50 percent and 25 percent respectively to N 0.33 and N 0.55 per share respectively.

On the other hand, Unity Bank and Dangote Cement lost 15.69% and 10% respectively, to 0.43 N and 252.00 N per share.

Over the coming week, analysts at Cordros Capital expect the bulls to regain their dominance in the market given the moderation in prices of flagship stocks over the past three weeks. “

However, we do not rule out the possibility of continuing gainful activities. Additionally, we believe the outcome of the bond auction scheduled for the week will also shape market sentiment. Nonetheless, we advise investors to only take positions in fundamentally justified stocks, as the unimpressive macroeconomic story remains a significant headwind for corporate earnings, ”Cordros said in his report.


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Verdict: The claim is false. The content of the article published by these online platforms is not new; it has been put back into circulation several times and has been debunked. Local stock market loses 149 billion naira amid massive bellwether sales

Local stock market loses 149 billion naira amid massive baron sales


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