Nigeria stocks end session in red as ASI plunges further

March 9, 2021
51 Views

https://onlinenigeria.com/wp-content/uploads/2021/03/nigeria-stocks-end-session-in-red-as-asi-plunges-further-1.jpg

Nigerian stocks ended Tuesday’s trading session red. The All Share Index plunged by 1.80% to settle at 38,686.85 index points, with the Year date performance retracting by 3.97%.

Investor sentiment as measured by market breadth was negative as 14 stocks advanced against 26 that declined. CHAMPION (+9.78%) led the gainers for the day, while UBA (-10.00%) topped the losers.

Performance across sectors was bearish as 4 of 5 indexes under our coverage trended bearishly.

The banking index led laggards, down significantly by 5.21% on the back of sustained sell pressures in UBA (-10.00%), STERLING BANK (-8.81%), and ZENITHBANK (-2.03%).

Conversely, the consumer goods index closed as the lone gainer, up marginally by +0.26% on price appreciation in DANGSUGAR by +7.99%

Champion brewery led the gainers table, going up by 9.78% to close at N2.02, followed closely by Neimeth with 9.71% to close at N1.92. Others on the gainers table are; Curtix up 8.84% to close at N1.97, Dangote Sugar up 7.99% to close at N18.25 and NASCON up 7.69% to close at N14.

Eternal oil tops the loser’s table, with its stock value going by 10.00% to close at N5.13, followed by UBA down by 10.00% to close atN7.2

Bears staged a big comeback as investors sold UBA (-10.00%), WAPCO (-7.95%), MTNN (-5.88%) and ZENITH (-2.03%).

Selling pressures intensified on macros coming from earnings in UBA showing low dividend returns despite strong earnings coupled with Nigeria’s currency market facing an unusual level of FX scarcity, which kept significant pressure on Nigeria’s local currency.

image

You may be interested

APC North West meet Tinubu over VP candidate nominee
News
2 views
News
2 views

APC North West meet Tinubu over VP candidate nominee

Webby - June 30, 2022

<!-- APC North West Meet Tinubu Over VP Candidate Nominee – Independent Newspaper Nigeria HomeFeaturedAPC North West Meet Tinubu Over…

Gunmen strike at Enugu checkpoint, kill two policemen
News
3 views
News
3 views

Gunmen strike at Enugu checkpoint, kill two policemen

Webby - June 30, 2022

Unknown gunmen Thursday morning struck in the serene Enugu state capital, the Coal City and reportedly shot and killed two…

Military airstrikes neutralise 82 terrorists in Zamfara
News
3 views
News
3 views

Military airstrikes neutralise 82 terrorists in Zamfara

Webby - June 30, 2022

No fewer than 82 terrorists have been killed by the military airstrikes at Rafin Dankura in Bakura Local Government Area…

Leave a Comment

Your email address will not be published.