Stock Market Report: Bears Take Over Market As ASI Continues Its Decline 

Trading kicked off in a bearish mood in the Nigerian Stock Market as investors took profit off UBA (-3.0%) and MTNN (-0.5%). Thus, the All Share Index (ASI) fell by -0.05% from its Friday, November 12, 2021 position of 43,253.01 basis point to close at 43,230.34 basis points and with a total market capitalization of over N22.560 billion.

However, this decline signifies the uncertainty of the market brought about by the arrest of the MD of FBNH, Nnamdi Okonkwo by the EFCC over issues of alleged money laundering ties with the former minister of petroleum, Allison Madueke, when he was the MD/C.E.O of Fidelity Bank Plc, and the profit-taking attitude of both local and foreign investors.

 

Accordingly, the moderated gains of +2.8% and +7.4% in the Month-to-Date and Year-to-Date indexes still maintained the overall market mood since the beginning of the month.

 

The total volume traded decreased by 6.8% to 293.43million units, valued at N4.29 billion and exchanged in 4,239 deals. FBNH was the most traded stock by volume and value at 101.22 million units and N1.24 billion respectively, taking up exactly 28.98% of shares traded by value and 34.5% of the shares volume market.

 

Others that followed were ACCESS BANK, FCMB, GTCO, ZENITH BANK, and MTNN who occupied the top trading positions in both the value and volume of shares traded section of the market to boost the market capitalization turnover of over N22.56 billion

 

Furthermore, the value of shares traded dropped marginally from its Friday, November 12, 2021, of N4.65 billion to close at N4.29 billion, which signified a 7.75% decline.

 

Analysis by sectors, the oil and gas (+0.1%), insurance (+0.1 %), and Consumer Goods (+0.1%) indices recorded gains while the banking (-0.4%) index declined. The industrial goods index closed flat.

 

As measured by market breadth, market sentiment was positive as 18 companies gained relative to 14 losers. CUTIX (+9.9%), LIVESTOCK (+9.5%), MBENEFIT (7.41%), PRESTIGE (+4.65%) and LASACO (2.73%) topped the gainers list, while VERITASKAP (-8.7%), FTNCOCOA (-6.8%), ROYALEX (-5.66%), REGALINS (-5.00%), and CHAMS (-4.17%) made the most significant losses of the day. What this means is that these companies stock fell by the percentage loss it used to start the day trading activities.