Nigerian Stocks Open Week in Red Territory, Dips -1.27% on Negative Sentiments

July 6, 2020/InvestmentOne Report

The Nigerian equities market closed down today as NSE-ASI lost 1.27% to close at 24,026.05pts. 

In today’s trade, market breadth index was negative with 17 losers against 14 gainers.

BETAGLAS (-9.95%) led the loser’s chart while CORNERST (+10.00%) was the top gainer.

GUARANTY (+0.96%) was the most actively traded stock with about 60million units of shares worth about N1.28billion.

Sector Performances

·        NSE Consumer Goods Index:  Declined by 3.18%, due to the negative sentiments NESTLE (-6.51%).

·        NSE Industrial Index: Was down by 2.35%, due to the losses in BETAGLAS (-9.95%), BUACEMENT (-5.00%) and WAPCO (-3.38%).

·        NSE Oil & Gas Index:   Fell by 0.04%, as a result of the sell-off in OANDO (-0.44%).

·  NSE Banking Index:  Rose by 1.51%, due to the buy-interests in ZENITHBANK (+5.25%), JAIZBANK (+3.70%), STERLNBANK (+1.74%) and GUARANTY (+0.96%).

  Performance of key stocks

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

6.20

-2.36%

-2.36%

2

DANGCEM

127.00

0.00%

0.00%

3

FBNH

5.05

0.00%

0.00%

4

FIDELITYBK

1.67

0.00%

0.00%

5

GUARANTY

21.00

0.96%

0.96%

6

MTNN

116.00

0.00%

0.00%

7

UBA

6.05

0.00%

0.00%

8

SEPLAT

386.00

0.00%

0.00%

9

ZENITHBANK

16.05

5.25%

5.25%

10

OKOMUOIL

77.40

0.00%

0.00%

The equities market closed down due to the negative sentiments in most sectorsWhile we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could continue to weigh in on equities market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term investment horizon.

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