Steroids from GTBANK, ZENITH lift Nigerian bourse, as investors gain N94.2 billion
- 8th July 2020
- Posted by: Hakeem
- Category: Stock
The Nigerian Stock Exchange finished Wednesday’s trading session on a bullish note, with investors gaining N94.2 billion.
Investors’ interest in Wapco, Guaranty Trust Bank and Zenith Bank which rose by 10.00 percent, 6.89 percent and 1.83 percent respectively, spurred the gain witnessed in the market.
The All-Share Index (ASI) advanced by 0.75% to 24,278.07 basis points, to close market capitalization at N12.664 trillion. Accordingly, Month-to-Date and Year-to-Date losses fell to -0.85% and -9.45%, respectively.
Total volume of trades improved by 49.56 percent to 232.60 million units, valued at N4.69 billion and exchanged in 3,523 deals.
Fidelity Bank was the most traded stock by volume at 37.9million units while MTN Nigeria was the most traded stock by value at N3.21 billion.
Market sentiment, as measured by market breadth, was positive as 25 stocks advanced, relative to 8 decliners with Wapco and JBerger leading the gainers chart by 10% and 9.9% respectively, while Berger Paint and Caverton recorded the largest price shed with 9.63% and 4.4% respectively.
Analyzing by sectors, all the major sub-indexes we cover posted gains with the exception of the Consumer Goods and Oil & Gas Indexes.
Renewed buying interest in Tier-one banking stocks placed the Banking index (+3.41%). The NSE Insurance and Industrial indexes trailed to appreciate by 1.10% and 0.12% respectively.
However, the Consumer Goods and Oil & Gas index closed as the losers for the day, lower by -0.21% and-0.17% as a result of price decline recorded in FLOURMILL, DANGSUGAR and OANDO respectively.
WAPCO up 10.00% to close at N11, JBERGER up 9.90% to close at N17.2, GUARANTY up 6.89% to close at N22.5, ZENITH BANK up 1.83% to close at N16.65, OKOMUOIL up 1.15% to close at N70.5
BERGER down 9.63% to close at N6.1, ETI down 4.17% to close at N4.6, CAVERTON down 4.40% to close at N1.74, FLOUR MILL down 2.70% to close at N18, DANGSUGAR down 0.85% to close at N11.6
Nigerian bourse finished on a positive note on Wednesday trading session, with renewed buying interest in Tier-one banking stocks placed the Banking index as the best performing index, coupled with soaring oil prices boosting Nigeria’s macros in the short term. However, Nariametrics envisages you seek the advice of a certified stockbroker when choosing stocks to buy.