Nigerian bourse on Tuesday closed its trading session on an impressive note. The All Share Index gained by +0.31% to close at 25,574.35 points as against +0.01% appreciation recorded on Monday.

• Its Year-to-Date (YTD) returns currently stands at -4.42%. Nigerian Stock Exchange capitalization presently stands at N13.408 trillion.
• Investors gained N42.09 Billion.
• Nigerian bourse trading turnover printed positive as Nigerian Stock Market trading moved and gained 33.61% as against +1.36% uptick recorded on Monday.
• ZENITHBANK, FBNH, and TRANSCORP were the most active to boost market turnover.
  Market breadth ended negative as REDSTAREX led 9 Gainers as against 17 Losers topped by UBN at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

• REDSTAREX up 9.80% to close at N3.25
• TRANSEXPR up 9.33% to close at N0.82
• MTNN up 2.41% to close at N123
• FBNH up 2.04% to close at N5
• DANGSUGAR up 0.83% to close at N12.1

Top losers

• UBN down 6.54% to close at N5
• INTBREW down 2.94% to close at N3.3
• UACN down 1.56% to close at N6.3
• PRESCO down 0.80% to close at N49.5
• DANGCEM down 0.22% to close at N134.7

Outlook

Nigerian bourse unsurprisingly ended higher amid rising oil prices and high buying pressures noticed in NSE30 stocks like Dangote Sugar, First Bank, and MTN Nigeria.

• Market liquidity was notably higher as institutional investors increased their stakes on decent stock brands.
• In spite of the sell-offs in global markets, and the dollar strengthening upward, as Local investors are taking advantage of undervalued stocks across the spectrum
• Nairametrics, however, envisages caution in selecting stocks, as market indicators show high uncertainty in the coming days.

Nigerian stock started the first trading day of the week on a surprisingly bullish note amid record sell-offs in the global market. The All Share Index gained 0.01% to close at 25,574.35 points as against the +0.16% gain recorded on Friday.

• Its Year-to-Date (YTD) returns currently stands at -4.72%. Nigerian Stock Exchange market capitalization presently stands at N13.365 trillion.
• Nigerian bourse trading turnover printed higher as volume climbed up by 1.36% as against the 16.31% plunge recorded on Friday. FBNH, CHAMS, and UBA were the most active to boost market turnover.
• Market breadth closed negative as UACN led 9 Gainers as against 16 Losers topped by CHAMPION at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

• UACN up 5.79% to close at N6.4
• INTBREW up 3.03% to close at N3.4
• PRESCO up 1.84% to close at N49.9
• GUARANTY up 0.20% to close at N25.4
• MTNN up 0.08% to close at N120.1

Top losers

• CHAMPION down 10.00% to close at N0.81
• REDSTAREX down 9.20% to close at N2.96
• JBERGER down 3.23% to close at N15
• ACCESS down 0.78% to close at N6.4
• FLOURMILL down 0.76% to close at N19.65

Outlook

Nigerian bourse ended in a near stalemate amid selling pressures recorded in Brent crude futures at U.S trading session. Nigerian bourse, with the help of NSE30 stocks like MTN, GTBank also brought immunity against significant sell-offs recorded on the global stocks market on Monday.

• At the time this report was drafted, the Dow Jones Industrial Average (DJI) was down 588.64 points, or 2.13%, at 27,068.78. The S&P 500 (SPX) was down 59.80 points, or 1.80%, at 3,259.67, and the Nasdaq Composite (IXIC) was down 142.45 points, or 1.32%, at 10,650.83
• The CBOE Market Volatility Index (VIX), a measure of investor anxiety, shot up to its highest level in nearly two weeks.
• Nairametrics envisages cautious buying as market indicators point to higher uncertainty in the coming days coupled with rising cases of COVID-19 infections at Nigeria’s most important international markets.

U.S. Stock futures started the trading week on a bearish footing, signaling losses at the opening U.S trading session on Monday. U.S stocks were hit by growing concern about new restrictions triggered by rising COVID-19 cases.

What we know; Futures contracts on the S&P 500 Index plunged by 1.51% at the time this report was drafted, pointing to a fourth straight daily decline, the longest stretch of losses for the gauge since the end of February.

Contracts on the Dow Jones Industrial Average and Nasdaq 100 fell 1.85% and 1.5%, respectively.

Quick fact; American Stock futures are simply standardized contracts that global traders use in purchasing or selling the U.S stock in a future date. This means that the U.S stock futures give an insight into what global investors see before the market opens, or after it close

Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics spoke on the prevailing fundamentals, giving stock bears an edge. Stock futures opened uncertain as investors remain confused about which way to move this morning as lockdown fears take charge with the UK government sounding alarm bells as the Covid-19 curve moves in the wrong direction.

After the initial economic bounce from full-blown lockdowns, both the UK and Europe’s economic trajectory could be entering a gloomy second phase characterized by ongoing social distancing, elevated unemployment, and increasing damage to the supply side.

(READ MORE: Nigerian Stocks on a 3-day losing streak, triggered by Dangote Sugar, Ecobank)

He also spoke on the parabolic nature of the world’s largest equity market, as the U.S election sets in, by saying;

“However, they remain weighed down by a drip-feed of negativity around Covid-19 resurgence, US fiscal impasse and as the market starts to factor in US election risk in earnest. Retail and hedge funds bought the initial Nasdaq dip after the September 2 carnage. But since then, there has been a noticeable shift in trading behavior where bounces are quickly faded.”

Political tensions also making global investors shaky as Democrats and Republicans prepare to fight over who will be the next Supreme Court justice.