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Home Markets Equities Stock Market

Stocks close flat despite buying pressures from ECOBANK, GTBANK

Olumide Adesina by Olumide Adesina
July 9, 2020
in Stock Market
gtbank, stock market, Bulls dominate Nigerian bourse ASI up 0.74%, Investors gain N77 billion., Crude oil bulls lose steam, as COVID-19 cases hit record high

Bulls and stock market capitalization

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Nigerian bourse on Thursday closed near flat as the All Share Index dropped slightly by 0.01% to 24,276.56 index points. Consequently, YTD performance presently stands at -9.46%. 

Activity level reversed its previous increase as total volumes and values exchanged declined by 19.76% and 49.05% to 186.64 million units and 2.393 billion respectively. Fidelity Bank was the most traded stock by volume at 38.0 million units while GUARANTY finished the most traded stock by value at N534.4 million.  

Market sentiment, as measured by market breadth, was negative as 15 stocks declined, relative to 10 advancers with CONOIL and ARBICO as top losers by 10.00% and 9.52% respectively, while STERLNBANK and PZ recorded largest price gains with 5.83% and 3.57% respectively. 

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READ ALSO: Top banks’ stocks plunge, as bears overwhelms Nigerian tier-2 banks’ rally

Across sectors, three of the five indexes under our coverage gained. Price appreciation in LAW UNION and AIICO INSURANCE moved the Insurance index up by 0.64%, while the Banking and industrial followed to gain 0.60% and 0.02% respectively.  

Conversely, the Consumer Goods and Oil & Gas indexes were down 0.64% and 0.45% respectively, on the back of sell-offs in INTBREW, DANGSUGAR and CONOIL. 

 

Top gainers 

LAWUNION up 7.00% to close at N1.07,PZ up 3.57% to close at N4.35,ETI up 3.26% to close at N4.75,GUARANTY up 1.11% to close at N22.75ZENITHBANK up 0.60% to close at N16.75, 

 READ MORE: Nestle hits N1,000 for first time since March Covid-19 lock-down

Top Losers 

CONOIL down 10.00% to close at N18.9, ARBICO down 9.52% to close at N1.71, VITAFOAM down 9.30% to close at N5.07, INTBREW down 8.86% to close at N3.6, DANGSUGAR down 0.86% to close at N11.5 

 

Outlook 

Nigerian bourse finished on a near stalemate, as buying pressure from top tier-1 banks countered the high sell-offs recorded in CONOIL, VITAFOAM & INTBREW. 

However, Nairmetrics envisages you seek the advice of a certified financial advisor when buying financial assets. 

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Tags: ASI indexBusiness NewsFeaturedNigeria NewsNigeria Stock Exchange (NSE)Nigeria Stock MarketNigerian bourse

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