Nigerian Stocks Gain +0.75% as Positive Sentiments Persists in Industrial and Banking Names

July 8, 2020/InvestmentOne Report

The Nigerian equities market closed up today as NSE-ASI gained 0.75% to close at 24,278.07pts. 

In today’s trade, market breadth index was broadly positive with 25 gainers against 8 losers.

WAPCO (+10.00%) led the gainer’s chart while BERGER (-9.63%) was the top loser.

FIDELITY (+5.88%) was the most actively traded stock with about 38million units of shares worth about N67million.

Sector Performances

·         NSE Banking Index:  Rose by 3.41%, due to the buy-interests in JAIZBANK (+7.69%), GUARANTY (+6.89%), FCMB (+6.74%) and FIDELITYBK (+5.88%).

·         NSE Industrial Index: Was up by 0.12%, due to the gains in WAPCO (+10.00%) and CUTIX (+3.12%).

·         NSE Consumer Goods Index:  Decreased by 0.21%, due to the negative sentiments in FLOURMILL (-2.70%), HONYFLOUR (-1.09%) and DANGSUGAR (-0.85%).

·         NSE Oil & Gas Index:   Fell by 0.18%, as a result of the sell-off in OANDO (-2.17%).

  

Performance of key stocks

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

6.40

3.23%

0.79%

2

DANGCEM

126.00

0.00%

-0.79%

3

FBNH

5.30

3.92%

4.95%

4

FIDELITYBK

1.80

5.88%

7.78%

5

GUARANTY

22.50

6.89%

8.17%

6

MTNN

115.00

0.00%

-0.86%

7

UBA

6.40

3.23%

5.79%

8

SEPLAT

386.00

0.00%

0.00%

9

ZENITHBANK

16.65

1.83%

9.18%

10

OKOMUOIL

70.50

1.15%

-8.91%

The equities market closed up due to the positive sentiments in Industrial and Banking namesWhile 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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