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Home Markets Equities Stock Market

MTN Nigeria, International Breweries drop, Profit-taking ticks up

Olumide Adesina by Olumide Adesina
October 12, 2020
in Stock Market
Global stocks sell-off persists as resurgence of COVID-19 frighten investors 
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The Nigerian bourse as anticipated started the first trading session of the week on a negative note. The All-Share Index and Market Capitalization finished the day lower, losing 0.27% to close at 28,337.49 points and N14.81 trillion respectively.

  • A total volume of 369.1 million units of shares, valued at N5.06billion exchanged hands in 4,750 deals, as UBA finished as the most traded shares by volume of 95.0million units, while GUARANTY and ZENITH bank topped the market value list at N1.98billion and N944 million respectively.
  • NSE Insurance Index: Down by -1.78%, on price decline in MANSARD (-5.67) and REGALINS (-4.35%).
  • NSE Consumer Goods Index: Dipped by -0.91%, on INTBREW (-9.11%) and Flourmill (-4.55%) decrease.
  • NSE Industrial Index: Fell by -0.54%, due to sell-offs in BUACEMENT (-1.45%).
  • NSE Banking Index: slide -0.05%, on price decline in GUARANTY (-0.33%), and ZENITHBANK (-0.25%).
  • NSE Oil & Gas Index: Up +1.36%, on the back of the gains recorded in ETERNA (+9.92%) and SEPLAT (+2.44%)

Similarly, in today’s trade, the market breadth index was negative with 16 losers against 13 gainers. INTBREW (-9.11%) & FLOUR MILL (-4.55%) led the losers’ chart for the day, while ETERNA (+9.92%) and CUTIX (+4.65%) finished top gainers.

Top gainers

RelatedPosts

International Breweries announces resignation of Igwe Anugwu, Abiye Tobin-West as Directors

MTN Nigeria shareholders lose N609 billion in July on sustained sell pressure

ETERNA up 9.92% to close at N3.99
CUTIX up4.65% to close at N1.8
SEPLAT up 2.44% to close at N420
FCMB up 2.21% to close at N2.31
ACCESS up 1.28% to close at N7.9

Top losers

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INTBREW down 9.11% to close at N4.29
FLOURMILL down 4.55% to close at N21
AFRIPRUD down 2.27% to close at N5.6
BUACEMENT down 1.45% to close at N40.9
MTNN down 0.36% to close at N140

Outlook

News continues after this ad


Nigerian bourse started the week trading south, amid falling crude oil prices. Significant selling pressure was seen in NSE30 stocks that include MTN Nigeria, International Breweries, and Flour mills.

Michael Nwakalor, Macroeconomist at CardinalStone Research, in a phone chat interview with Nairametrics explained the bias most traders are having now

  • We expect to see mixed sentiments in the ASI this week.
  • Bargain hunting activities on continued expectations of suppressed fixed-income yields are likely to be punctuated by profit-taking over the week.

Related

Tags: All Share IndexCardinalStone ResearchFlour Millsinternational breweriesMichael NwakalorMTN NigeriaNigerian bourseNSE30

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