The Nigerian stock market has experienced another setback this week, with a decline of -1.20% when compared to the previous day’s closing figures. This marks the fifth consecutive day of losses, as investors have become increasingly wary of the market’s instability.
As the week came to a close, 37 stocks saw increased share prices, while only 30 saw decreases. This marked the first time in three weeks that the number of gaining stocks outpaced those that declined.
Top 10 Gainers
Last week, OANDO witnessed an impressive 34.12% surge in its share price, closing at N5.70 on Friday – a significant jump from the previous close of N4.25 just five days prior. This strong performance put OANDO in the lead among other gainers on the stock market, further cementing its position as a top-performing company. Investors were encouraged by OANDO’s positive growth, and the company is expected to continue to show strength in the weeks ahead.
Ikeja Hotel, Champion Breweries, Royal Exchange, and UPDC experienced a significant surge in their share prices, with each respective company growing by 18.45%, 13.27%, 13.04%, and 11.46%. Among the top 10 gainers, Consolidated Hallmark Insurance experienced an increase of 9.68%, Northern Nigerian Flourmill saw a jump of 8.64%, Sunu Assurance gained 8.33%, Linkage Assurance had an improvement of 7.50% and Sterling Bank achieved a 6.67% rise in their share prices respectively.
Top 10 Losers
Prestige Assurance, the biggest loser of the day, saw its share price plummet by 11.11%, closing at an abysmal N0.40 compared to its previous close of N0.45. NCR, CWG, Dangote Sugar, and UCAP PLC each experienced a decrease in their share price of 9.79%, 9.38%, 7.10%, and 6.67% respectively, while other losers included Dangote Cement (6.25%), CAP (5.79%), Airtel Africa (4.50%), SEPLAT (4.17%) and CHAMS (4.00%). This caused a collective wave of losses across the market as investors digested the news of these sharp declines in share prices for some of Nigeria’s top companies. The uncertainty in the Nigerian economy, caused by a variety of factors such as currency devaluation, rising inflation, and political unrest, has led to an overall lack of confidence in the stock market. This latest downturn is yet another reminder that investing in Nigeria can be a risky endeavor, with no clear sign of a rebound in sight.
