Nigeria’s stock market remains bearish despite economic exit from recession

The National Bureau of Statistics (NBS) announced earlier on Thursday that Nigeria’s economy has exited recession following the fourth quarter 2020 Gross Domestic Product (GDP) growth of 0.11 percent.

The news, however, seem to have little or no impact on stock market investors’ confidence as Nigeria’s bourse remained in a bearish state.

Nigerian stock market continued on a declining path as investors lose over N132.42 billion following the close of the market on Thursday.

The equity capitalisation closed at N21.036 trillion, below the N21.16 trillion the market closed with on Wednesday.

The All Share Index (ASI) depreciated by 0.63 percent following a loss of 253.13 basis points to end trade at 40,212.19 ASI on Thursday. This was below the 40,465.32 ASI the market closed with the previous trading day.

Activities monitored at the Nigerian Stock Exchange (NSE) by Ripples Nigeria showed that the volume of shares traded rose as investors traded 426.26 million shares on Thursday, more than the 244.20 million shares traded on Wednesday.

Also, the number of deals sealed by investors increased to 4,972 at the close of market on Thursday, surpassing the 4,083 deals recorded on Wednesday.

The value of shares was not left out as NSE reported that it increased to N4.75 billion from N2.65 billion recorded on Wednesday.

Meanwhile, at the capital market, Briscoe rose to the top gainers’ chart after its share price increased by 10 percent to close at N0.23kobo on Thursday, against the N0.2kobo it opened with.

Cornerstone came second with N0.64kobo as its share price moved upward from N0.59kobo following a 8.47 percent rise in share price.

READ ALSO: NSE: Investors lose N15.19bn in stock market

Royal Exchange followed after closing the market with N0.27kobo, rising from the opening price of N0.25kobo per share after recording 8 percent gain.

NAHCO share price rose by 6.51 percent to move to N2.29kobo from the opening trade of N2.15kobo.

Niger Insurance completed the top five with N0.23kobo per share, rising by 4.55 percent in share price from N0.22kobo.

UPL topped the losers’ chart after shielding N0.12kobo of its share price to close the market at N1.2kobo, having opened trading with N1.32kobo.

Chams also made the losers’ list after its share price dropped to N0.22kobo from N0.24kobo per share, following a loss of 8.33 percent.

UPDCREIT share price dipped by N0.45kobo to secure the third spot as it ended trading with N5.35kobo from N5.8kobo it opened with.

Multiverse share price declined to N0.24kobo per share from N0.26kobo, declining by 7.69 percent.

Japaul Gold completed the list as its share price fell by 5.56 percent to end trade with N0.68kobo, having opened trade with N0.72kobo per share.

For top traded shares, First Bank was the most active stock on Thursday as investors traded N129.80 million shares worth N949.31 million.

Zenith Bank shares were traded at a volume of 37.73 million valued at N912.01 million.

Dangote Sugar was next with 37.12 million shares traded at a cost of N688.39 million.

GTBank reported 35.42 million shares worth over N1.07 billion, while Transcorp recorded 28.85 million traded shares at a value of N26.61 million.

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