Nigeria:Market extends winning streak, as index rises further by 0.28%
- 28 October 2020 / News / 307 / Emerging Africa
As investors continue to reposition ahead of the third-quarter earnings, the Nigerian Stock Exchange (NSE) extended its winning streak to three successive sessions, causing the All Share Index (ASI) to increase further by 0.28 per cent.
At the close of transactions yesterday, the ASI appreciated by 80.90 absolute points or 0.28 per cent to close at 28,777.96 points. Similarly, the market capitalisation gained N43 billion to close at N15.042 trillion.
The upturn was impacted by gains recorded in medium and large value stocks, including Flour Mills of Nigeria, Dangote Cement, Custodian Investment, Ecobank Transnational Incorporated (ETI), and GlaxoSmithkline Consumer Nigeria.
Reacting to the market performance, analysts at United Capital Plc said: “We expect more earnings to come in and investors will continue to cherry-pick on stocks.”
Also, analysts at Afrinvest Limited expect the performance of the equities market to be dictated by the earnings results
Market sentiment, as measured by the market breadth, was positive as 27 stocks gained, relative to 15 losers.
Custodian Investment recorded the highest price gain of 10 per cent to close at N5.50, while NPF Microfinance Bank followed with 9.70 per cent to close at N1.47, per share.
E-Tranzact International Plc rose 7.73 per cent to close at N1.95, while ETI and Lasaco Assurance advanced 7.69 per cent each, to close at N4.90, and 28 kobo, respectively, per share.
On the other hand, Morison Industries led the losers’ chart by 10 per cent to close at 54 kobo per share. Consolidated Hallmark Insurance followed with a 8.82 per cent fall to close at 31 kobo, and NASCON Allied Industries shed by 8.39 per cent to close at N13.10, per share
Wapic Insurance shed 7.50 per cent to close at 37 kobo, while Livestock Feeds slipped 7.46 per cent to close at 62 kobo, per share.
The total volume traded increased by 20.44 per cent to 340.804 million shares worth N5.561 billion, traded in 4,235 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 56.794 million shares valued at N1.738 billion.
Zenith Bank followed with 47.787 million shares worth N1.011 billion, and Wapic Insurance traded 40.048 million shares at N14.761 million.
FBN Holdings traded 26.140 million shares valued at N160.086 million, while United Bank for Africa (UBA) transacted 21.757 million shares worth N155.388 million