Unity Bank Plunges As Bears Weigh On Nigerian Stocks
Performance across sectors was bearish as 3 of the 5 indexes under coverage trended bearishly.
Nigerian stocks on Friday after the battle of the bulls and the bears closed the trading session with the Bear on top. The All-Share Index (ASI) dropped by 0.13% to settle at 38,648.48 index points.
FLOURMILL and REGALINS (+10%) led the gainers for the day, while STSREIT (-9.96%) topped the losers.
Performance across sectors was bearish as 3 of the 5 indexes under our coverage trended bearishly.
The banking index led laggards, down by -0.09% as a result of the sell pressures in UNITYBANK (-9.59%) and WEMABANK (-6.15%)
Conversely, the consumer goods index and Insurance closed as the gainer, up marginally by +1.03% and 1.34% respectively.
Top GainersREGALINS up 10.0% to close at N0.3FLOURMILL up 10.0% to close at N27NEM up 9.73% to close at N1.85NNFM up 9.71% to close at N5.15LIVESTOCK up 9.29% to close at N1.83
SFSREIT down 9.96% to close at N69.3UNITYBNK down -9.59% % to close atN0.73AFRINSURE down 9.09% to close at N0.22SOVRENINS down -7.69% to close at N0.26WEMABANK down -6.15% to close at N0.65
Bears outperformed the Bulls shown by investors sells off SFSREIT (-9.96%), UNITYBNK (-9.59%) shown today.Selling pressure intensity can also be linked to the recent movement in the bond market as investors seek liquidity to invest in risk-averse securities.
Also, Nigeria’s currency market is facing an unusual level of FX scarcity, which pushes