Nigerian stocks crumbled to their lowest level since May 4 on Monday, with the benchmark index dropping almost 2 per cent or N550.6 billion as investors dumped huge volumes of Dangote Cement for sale, forcing the cement-maker to lose as much as one-tenth its value.
Depreciation in the shares of FBN Holdings and International Breweries also compounded the plight of the market, which is yet to report a gain in the past ten days.
Analysts at brokerage firm and investment bank United Capital are holding an upbeat view for this week regardless and noted in their outlook: “we anticipate return of buying interest in the equities market as investors build their positions ahead of the H1-2022 earnings and dividend season.”
Market breadth, an indicator of investors’ sentiment towards trade, was negative as 31 laggards were recorded compared to 7 gainers.
The all-share index slid 1,021.3 basis points to 50,756.7, while market capitalization rose to N27.4 trillion at the end of trade.
Year to date, the index is up 18.8 per cent.
TOP FIVE GAINERS
Jaiz led gainers, appreciating by 5.32 per cent to close at N0.99. Regal Insurance added 3.70 per cent to end trade at N0.28. Japaul Gold went up by 3.33 per cent to N0.31. Zenith Bank rose to N22, notching up 2.80 per cent in the process. NAHCO completed the top 5, climbing by 2.63 per cent to N7.80.
Source: Premium Times
