Latest Stock Market News Headlines Update For Today
The nation’s stock market has shed N92bn as it extended its bearish run into the third consecutive day.
The market capitalisation of equities listed on the floor of the Nigerian Stock Exchange dropped from N10.979tn on Friday last week to N10.887tn at the close of trading on Wednesday.
The All Share Index shed 0.45 per cent on Wednesday to settle at 28,966.41 basis points while the year-to-date loss further weakened to -7.8 per cent.
As investors lost N48.9bn on Wednesday, analysts at Afrinvest Securities Limited attributed the negative market performance to profit-taking activities in Dangote Cement Plc, Guaranty Trust Bank Plc and Access Bank Plc.
Activity level was mixed as 324.810 million shares valued at N3.242bn exchanged hands in 3,631 deals, representing a 24.6 per cent dip in volume traded and a 14.4 per cent increase in value traded.
United Bank for Africa Plc (59.7 million), Access Bank (46.4 million) and Sterling Bank Plc (40.3 million) were the top traded stocks by volume while the top traded stocks by value were Zenith Bank Plc (N661.7m), GTB (N494.4m) and UBA (N409.0m).
Performance across sectors was largely bearish as four of five indices recorded losses.
The banking index led losers, down by 0.8 per cent while the insurance index fell by 0.4 per cent.
The industrial goods index shed 0.2 per cent due to major price depreciation in Dangote Cement Plc while losses in 11 Plc and Japaul Oil and Maritime Services Plc dragged the oil and gas index lower by 0.02 per cent.
On the flip side, the consumer goods index emerged the lone gainer, up by 0.1 per cent on the back of buying interest in Dangote Flour Mills Plc and Dangote Sugar Refinery Plc.
Investor sentiment strengthened to 1.0x from the 0.3x recorded on Tuesday as 21 stocks appreciated against 21 decliners.
The top performers were Beta Glass Plc, Livestock Feeds Plc and Eterna Plc with respective gains of 9.97 per cent, 6.78 per cent and 5.13 per cent.
Goldlink Insurance Plc, Chams Plc and Japaul Oil and Maritime Services were the top three losers, shedding 10 per cent, 9.43 per cent and 9.09 per cent, respectively.
“With the Relative Strength Index of the ASI at 28.4 – below the oversold region – and the strong investor sentiment, we anticipate a rebound in the near term,” analysts at Afrinvest said.
They added that the possibility of sustained sell-offs in subsequent trading sessions this week was not ruled out.
U.S. stocks fell for a fourth day, putting the S&P 500 on pace for its worst week of the year, as a deadline approached for America and China to raise reciprocal tariffs. The yen climbed with Treasuries as investors sought havens, while the yuan fell to its weakest since January.
Sentiment worsened after China’s government-run Global Times said it’s unlikely that a trade deal would be reached before Friday. Tech shares led the declines, with Intel falling as much as 6.3%. The Stoxx Europe 600 fell the most this year, which the MSCI Asia Pacific gauge dropped the most in six weeks. The gap between 3-month and 10-year Treasury rates briefly turned negative, traditionally a recession warning.
“Trade has stolen the spotlight from the Fed and inflation this week, and for good reason, as we barrel toward a tariff increase on Chinese imports,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote to clients.
Dow Risks Cataclysmic Collapse After Trump Blindsides Stock MarketThe Dow resumed its excruciating downward spiral on Thursday after President Trump broke from White House talking points to ramp up the trade war rhetoric and further inflame US-China tensions ahead of high-stakes negotiations between the economic superpowers.
TRUMP SENDS DOW INTO 300 POINT TAILSPIN
The US stock market stumbled toward another putrid loss, with all three major indices suffering steep losses at the opening bell.
By 9:50 am ET, the Dow Jones Industrial Average had plunged 302.54 points or 1.17%, reducing the DJIA to 25,664.79. The S&P 500 and Nasdaq fared even worse, plummeting 1.2% to 2,844.73 and 1.45% to 7,827.94.
dow jones industrial average chart
The Dow suffered a brutal 300 point collapse on Thursday. | Source: Yahoo Finance
The trigger for that painful sell-off? More bombastic comments from Donald Trump.
Speaking at a rally on Wednesday evening, Trump told a crowd of his raucous supporters that Beijing “broke the deal” and will “be paying” when the US slaps enhanced tariffs on Chinese goods on Friday morning.
SEC’s Head of Corporate Communications, Efe Ebelo, said MTN Nigeria had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.
That’s all for the stock market news in Nigeria and the world for today.