The Nigerian stocks market has depreciated to 1.08% which is over N237.9 billion on Wednesday, the first trading day ever since the market closed for Yuletide.
Trading was down on Wednesday which resulted to the fact that the buyers were few and they were also willing to buy the shares of BUA Cement, UPDC REIT and MTNN, compared to the large quantity of their shares that were up for sale.
Analysts at investment bank and broker United Capital said “We note that sellers would largely be booking profits from the prior week as well as for the year in the case of short-term traders.”
The Market breadth that was often used by traders to gauge the level of investors’ sentiment towards trade closed on a negative note as 18 gainers were reported relative to 16 losers.
The all-share index was contracted by 455.75 basis points to 41,807.1, while market capitalisation dropped to N21.82 trillion at the end of trade.
First Five Gainers
NEM led the flock of gainers, appreciating by 100 % to close at N4.84 after the completion of its share reconstruction exercise.
Union Bank added 9.91% to end trade at N6.10. Royal Exchange went up by 9.09 % to N0.84. Sovereign Trust rose to N0.28, notching up 7.69 % in the process. AIICO completed the top 5, climbing by 6.86 % to N2.18.
First Five Losers
BUA Cement was the least performing stock, declining to over 10% which close at N67.05. May & Baker fell to N4.06, losing 9.98% . PZ dipped to N6.10, recording 8.96% depreciation. Jaiz Bank shed 8.06% to close at N0.57. UPDC REIT closed at N3.75, going down to 6.25%.