Nigerian bourse resumed trading for the month on a positive note, as investors’ appetite remained bullish to the equities market.
The All-Share Index and Market Capitalization improved further by 0.57% to close the week at 26,985.77 points and N14.1billion respectively.
Consequently, YTD performance advanced to the positive terrain to print at 0.55%.
- A total volume of 459.7 million units of shares, valued at N4.30billion exchanged hands in 4,553 deals, as ZENITHBANK (+1.12%) finished the most traded shares by volume and value at 132.3million units and N878.6million respectively.
- Investor sentiment as measured by market breadth, was positive as 23 stocks advanced against 10 decliners.
- DANGSUGAR (+4.03%) led the gainer’s chart to close the week, while UACN (-6.47%) finished the top loser.
- Sector Performance
- NSE Banking Index: Improved 0.59%, on buy interest in GUARANTY (+3.85%) and ZENITHBANK (+1.12%).
- NSE Industrial Index: Up 0.45%, on WAPCO (+1.00%) and DANGCEM (+0.77%) gain.
- NSE Consumer Goods Index: Gained 0.30%, on price appreciation in DANGSUGAR (4.03%) and HONYFLOUR (+1.09%)
- NSE Oil & Gas Index: Up slightly by 0.15%, on OANDO (+1.78%).
- NSE Insurance Index: Down by 0.59%, on price decline recorded in CORNERST (-7.69%) and AIICO (-3.66%)
Top gainers
- DANGSUGAR up 4.03% to close at N12.9
- GUARANTY up 3.39% to close at N29
- MTNN up 0.78% to close at N130
- DANGCEM up 0.77% to close at N144
- JBERGER up 1.25% to close at N16.25
Top Losers
- CORNERST down 7.69% to close at N0.6
- UACN down 6.47% to close at N6.5
- FCMB down 4.11% to close at N2.1
- ETI down 2.38% to close at N4.1
- FLOURMILL down 0.69% to close at N21.5
Outlook
Nigerian bourse traded positive amid high sell-offs in global stocks as the most powerful political leader tested positive to the COVID-19 virus.
- Significant buying pressures were noticed around blue-chip stocks like MTN Nigeria, GTBank, and Dangote cement railed the Nigerian bourse to an all-perfect, bullish trading run.
- The odds seem to be with the Nigerian Stock Market as a recent report showed Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’.
- The report also projected Brent oil prices to average USD41/barrel in 2020, USD45/barrel in 2021, and USD50/barrel in 2022.
- In addition, the report expects Nigeria’s oil production volume to average 1.93mbpd in 2020, 1.87mbpd in 2021, and 2mbpd in 2022, all things being equal.
- Nairametrics however envisage cautious buying, as market indicators tilt towards an overbought bias.
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