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Home Markets Equities Stock Market

Profit-taking intensifies as GTBank, Dangote Cement stocks drop

Olumide Adesina by Olumide Adesina
October 9, 2020
in Stock Market
Domestic transactions in NGX drop by 45.30% in 16 years 
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Nigerian Stock Market closed the day negative, extending its downward trend from the previous day. The All-Share Index and Market Capitalization shed 0.46% to close the week at 28,415.27 points and N14.852trillion respectively.

READ: NIPC collaborates with NSC to develop transport infrastructure projects

  • A total volume of 384.1 million units of shares, valued at N3.99billion exchanged hands in 5,759 deals, as CAVERTON finished as the most traded shares by volume at 52.1million units, while GUARANTY and ZENITH bank topped market value list at N1.02billion and N1 billion respectively.
  • Similarly, in today’s trade, the market breadth index was negative with 21 losers against 11 gainers. PZ (-8.89%) & GUARANTY (5.00%) led the losers’ chart for the day, while ETERNA (+10.00) & TOTAL (+5.37%) finished top gainers.
  • Sector performance
  • NSE Banking Index: Down by -2.48%, on price decline in GUARANTY (-5.00%), FBN (-3.00%) and FIDELITYBK (-2.86%).
  • NSE Industrial Index: Slide by – 0.08%, on DANGCEM (-0.33%) depreciation.
  • NSE Insurance Index: Advanced marginally by +0.39%, on price appreciation in CORNERSTONE (+9.09) and CUSTODIAN (+1.94%)
  • NSE Oil & Gas Index: Increased by 0.30%, on the back of the gains in ETERNA (+10.00%) and TOTAL (+5.37%).
  • NSE Consumer Goods Index: Gained 0.13%, on INTBREW (3.06%) appreciation

READ: COVID-19 boosts Fidson Healthcare Plc’s Q2 2020 performance

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Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

GUINEA INSURANCE, ELLAH LAKES lead gainers as All-Share Index dips 0.15% 

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Top gainers

  • ETERNA up 10.00% to close at N3.63
  • TOTAL up 5.37% to close at N102
  • INTBREW up 3.06% to close at N4.72
  • CUSTODIAN up 1.94% to close at N5.25
  • BUACEMENT up 0.24% to close at N41.5

Top Losers

  • PZ down 8.89% to close at N4.1
  • GUARANTY down 5.00% to close at N30.4
  • UCAP down 4.58% to close at N3.54
  • ETI down 3.37% to close at N4.3
  • DANGCEM down 0.33% to close at N150

READ: Gold traders under pressure, as it drops below $1,900

Outlook

Nigerian bourse ended the last trading session on a negative note. NSE30 stocks like GTBank, Dangote Cement, Ecobank dragged the Sub Saharan based index lower as profit-taking was notable among blue-chip stocks.

  • Selling pressures in Nigeria’s major export earning product dampened local investors hopes coupled with the recent economic macro that Nigeria’s current-account deficit dropped in Q2 2020 from a revised -4.9% of GDP the previous quarter to -3.4%.
  • Nairametrics envisages you seek the advice of a certified financial advisor when choosing stocks to buy.

Follow us for Breaking News and Market Intelligence.
Tags: All Share IndexCornerstone Insurance - NewsDangote cementEcobankFidson Healthcare Plc - NewsGTCO HoldingsGTCO Holdings - NewsNigerian stock marketNSE30 stocks
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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