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Dangote, FUGAZ lead the bulls to close Nigerian stock market green

Olumide Adesina by Olumide Adesina
May 20, 2020
in Markets, Stock Market
investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green
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Nigerian stock market has sustained its positive stance, as it closed the market with 1.03%  appreciation, increasing market capitalization to N12.743 trillion, while the All-Share Index (ASI) settled at 24,452.23 index points. Accordingly, Year-to-Date losses moderated to 8.8%.

  • Today’s uptrend was impacted by gains recorded in blue-chip stocks like Tier one banking stocks and industrial giant, DANGCEMENT.
  • The activity level mirrored the overall index, as total volumes and values of shares exchanged increased by 28.57% and 37.99% respectively, to 436.83 million units and N5.41 billion.
  • ZENITH BANK (+4.10%) finished as the most active in today’s trading to boost market turnover by 75million units of shares valued at N1.217 billion.
  • Market sentiment, as measured by market breadth, closed positive, recording 37 gainers against 5 losers. REDSTAREX recorded the highest price gain of 10.00% to close at N3.41 per share.

(READ MORE: Dangote, GTBank, Unilever, Okomu Oil drive the bullish train with N136 billion)

  • All the sectors under our coverage recorded gains. Notably, the Banking sector (+2.81%) topped the list as STANBIC, ZENITHBANK, UBA, GUARANTY, and FCMB all gained.
  • The Insurance (+1.67%) and Industrial sectors (+1.33%) followed suit, on the back of gains recorded in AIICO (+4.21%), WAPIC (+6.90), BUACEEMENT (+1.89%) and DANGCEMENT (+1.69%).
  • In the Oil & Gas (+0.12%), and Consumer Goods sectors (+0.10%), OANDO (+1.09%) and UACN (+4.32%) drove the gains, respectively.

Top gainers 

ZENITHBANK up 4.10% to close at N16.5; GUARANTY up 2.36% to close at N23.85; BUACEMENT up 1.89%  to close at N32.4; DANGCEM up 1.69% to close at N150; and STANBIC up 1.08% to close at N32.85.

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Top losers 

UNITYBNK down 3.85% to close at N0.5; UNIONDAC down 3.23% to close at N0.3; WAPCO down 2.65% to close at N11; WEMABANK down 1.72% to close at N0.57; and ACCESS down 0.76% to close at N6.55

Outlook 

Nigerian stocks continue to trend north, for the second consecutive session. In a repeat performance of Tuesday’s session, market sentiments have been overwhelmingly positive.

Nairametrics, as early forecasted, sees a bullish run on the short term, as institutional investors take positions in Nigeria’s stock market.

 

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Tags: Dangote cementFUGAZ Banks

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