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Nigerian Stocks Post a Lukewarm Session, Insurance Stocks Take a Hit.

Nigerian Stocks Post a Lukewarm Session, Insurance Stocks Take a Hit

The benchmark Nigerian gauge was down by 0.01 percent at the end of Tuesday’s trade, bringing the market close to flat. Since January, the gauge has lost 3.51%

The all-share index fell 5.34 points to 38,858.99 index points, while the market capitalization fell to N20.3 trillion.

Financial stock market sell-offs were mostly to blame for uninspiring performance at Tuesday’s trading session.

This market’s poor performance was primarily caused by price declines in large and medium-capitalised financial brands such as Africa Prudential, AXA Mansard Insurance, Zenith Bank and Access Bank

The volume of trade has increased by 277%, which is due to a spirited activity in Honeywell Flour’s shares, which made up 76 percent of the trading volume.

With 402.2 million shares trading at N1.5 billion in 69 deals, Honeywell was the most active stock. UBA’s shares traded in 144 transactions for N82.7 million.

Observations of investor sentiment measured by market breadth are negative, with 15 losers emerging against 14 gainers.

Top 5 gainers

Gainers included SAHCO, up 9.88% to N4.45; Wema advanced by 5.13% to N0.82; and Flour Mills rose by 1.87% to N29.70. UCAP advanced by 1.75% to N8.70. Jaiz Bank completed the top 5, powering high by 1.72% to settle at N0.59.

Top 5 Losers

Top of the losers’ chart was Mansard, down 9.70% to end trade at N2.70. Africa Prudential ended trading 8.59% lower at N5.85.

Regional Insurance’s stock dropped to N0.41, down 6.82%. N0.90 dropped to Tripple G, depreciating 6.25%. Courteville closed at N0.33, losing 5.71%.

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