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Stock Market

GTBank, Zenith Bank, UBA record losses, investors down by N12.2 billion

ETERNA led 16 Gainers as against 15 Losers topped by REDSTAREX at the end of today’s session

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

Nigerian bourse started the first trading session of the week on a bearish note. The All Share Index dropped slightly by 0.09% to close at 25,582.23 points as against a 0.37% uptick movement recorded on Friday.

Its Year-to-Date (YTD) returns currently stands at -4.69%. Nigerian Stock Exchange market capitalization now stands at N13.346 trillion, as investors lost about N12.22 billion on Monday.

Nigerian Stock Exchange trading turnover turned negative as volume dipped by 39.24% as against 80.56% uptick recorded on Friday. UBA, ZENITHBANK, and ACCESS were the most active to boost market turnover.

UBN leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
Market breadth closed positive as ETERNA led 16 Gainers as against 15 Losers topped by REDSTAREX at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  • ETERNA up 9.13% to close at N2.27
  • NEM up 8.70% to close at N2.25
  • CILEASING up 8.33% to close at N3.9
  • ACCESS up 5.43% to close at N6.8
  • STANBIC up 1.32% to close at N38.5

Top losers

  • REDSTAREX down 4.37% to close at N3.72
  • DANGSUGAR down 3.60% to close at N12.05
  • GUARANTY down 2.45% to close at N25.9
  • UBA down 2.33% to close at N6.3
  • ZENITHBANK down 0.57% to close at N17.3

Outlook

Nigerian bourse unsurprisingly recorded its first trading loss in 7 consecutive trading sessions, after oil prices tanked lower.

The greenback’s strength, adding to the selling pressure on crude and a reported upsurge in COVID-19 caseloads in key international markets, rattled local investors’ nerves.

It should also be noted that significant losses in Nigeria’s tier 1 banks (GTBank, UBA, Zenith Bank) neutralized gains recorded by ETERNA and Access Bank.

Nairametrics envisages cautious buying, as the resurgence of the COVID-19 pandemic still remains on the major headline across many financial markets.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Emmanuel O. Oyelude, Ph.D.

    September 8, 2020 at 3:47 am

    Please take a second look at “…All Share Index dropped slightly by 0.09% to close at 25,582.23 basis points”. It seems the units for “All Share Index” should be “points” and not “basis points”. Note that 1 basis point is 0.01%. Therefore, it is right to say: “…All Share Index dropped slightly by 9 basis points (that is, 0.09%). Thanks.

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